http://namawinelake.wordpress.com/2013/02/18/another-blow-to-transparency-in-ireland-as-noonan-refuses-to-publish-unaudited-accounts-for-ibrc-for-2012/ Click the green link above for latest news and over 2,600 related articles. NAMA - National Asset Management Agency - part of Ireland's response to its banking crisis and property bubble Sun, 19 May 2013 10:13:33 +0000 hourly 1 http://wordpress.com/ http://namawinelake.wordpress.com/2013/02/18/another-blow-to-transparency-in-ireland-as-noonan-refuses-to-publish-unaudited-accounts-for-ibrc-for-2012/#comment-63824 Tue, 19 Feb 2013 11:35:23 +0000 http://namawinelake.wordpress.com/?p=14060#comment-63824 There is a carry forward from the issued interim accounts for the period to 30 June 2012. Crucially, these accounts show a surplus of assets over liabilities at 30 June 2012 of €2.7 billion (€2.734). The main asset (other than the promissory note) at that date is the loan book, recorded as €16.6 billion (valued down from €27.5 billion). So the question then is: On what basis is a €2.7 billion net asset position at 30 June 2012 not sufficient to complete a liquidation of a bank carrying only €16.6 billion of loans which have already been valued down from €27.5 billion? Why is there an extra €1 billion of exchequer funds being allocated? When you factor in the Central Bank deposit insurance outlay (ultimately borne by the exchequer), the figure reaches around €4 billion. Also, there was a net gain to Ibrc during this 8-month period from the promissory note interest. A rough estimate for this gain is €0.2 billion. The €2.7 billion should have been enough; it should have even generated a surplus. Lots of questions….

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