Surprise at omission of CBRE from NAMA Top 10 valuation service providers; raised eyebrows that company in which NAMA director has shareholding is No 1

It’s not new news that John Mulcahy – NAMA’s most senior property man from the start in 2009, he was an adviser before NAMA came into being and appointed the Head of Portfolio Management in February 2010 – has a €2.3m shareholding in his former company, Jones Lang LaSalle. This was reported in 2010 and [...]

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Why the €1bn NAMA provision for loan losses is bunkum

The Minister for Finance, Michael Noonan gave the green-light this morning for the publication of the report and accounts for NAMA for the quarter ending 31st December, 2010. The outstanding feature of  the accounts is the €1bn provision that NAMA has created for losses on the loans it has acquired from the NAMA Participating Institutions [...]

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The truth about the sale of Montevetro by NAMA to Google

“It [NAMA] already did a very good deal last week with Google, we saw the kind of deals it can do here….The cash is already gone back to government and a dividend gone back” Micheal Martin, Leaders Debate, RTE 22nd February, 2011 It was last week when NAMA made an unscheduled announcement with some details [...]

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NAMA’s impairment loss for 2010 likely to be billions of euros

The Sunday Business Post yesterday reported that NAMA is to take a “significant” impairment charge in 2010 in respect of its loan acquisitions from Irish banks. The newspaper appears to have had some direct contact with NAMA and quotes the agency as saying “the view of the Board is that it would be run counter [...]

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Irish commercial property – a continuing decline in Q4, 2010 with the pace of decline picking up

Jones Lang Lasalle (JLL) has published its commercial property series for Ireland for Q4, 2010 (free registration required). The JLL series is one of the two Irish commercial indices referenced by NAMA’s Long Term Economic Value Regulations (Schedule 2) and is used to help calculate the performance of NAMA’s “key markets data” shown at the [...]

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Why did NAMA agree to depart from its own valuation methodology and acquire certain bank loans for more than they were worth?

The Irish Independent today makes clear something which has been alluded to in previous reporting but which has hitherto been shrouded in vagueness. Emmet Oliver claims that the Independent has seen a “document” (presumably a letter) written in May 2009 by the Central Bank of Ireland governor, John Hurley (Patrick Honohan’s predecessor) and the then-acting [...]

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Why current bond yields mean that NAMA will be overpaying by €1.7-3.6bn for the remaining tranches

You would be forgiven for letting out an almighty groan at someone trying to explain the way in which NAMA values loans. It is convoluted in the extreme with a large number of components. A broad theme examined on here before is one of these components, the Valuation Date, was set to 30th November, 2009 [...]

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NAMA detailed valuations revealed

Despite criticising the Comptroller and Auditor General’s (CAG) report on NAMA last week as incoherent and aimless, it does contain some interesting information. And aside from the payments (bizarrely including VAT) made to some third party companies, the detailed worked example of a NAMA valuation of a loan is possibly the most interesting nugget in [...]

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Dublin set to grow at slower rate than the rest of the State

So says one of the NAMA US and GB valuation panel members, Cushman and Wakefield’s, periodic economic reports published yesterday (free registration required to access the report). Together with Oxford Economics, the C&W estimate is that the State’s economic growth in the 2009-2012 period will be twice that of Dublin (Figure 6, page 7). For [...]

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Property costing “scarcely more than the cost of a packet of cigarettes per day”

So says Frank Conway, director of the Irish Mortgage Corporation in today’s Examiner when talking about the cost of funding “some substantially reduced properties being launched onto the market” in recent weeks. Elsewhere in the article research undertaken by Myhome.ie shows that two thirds of first time buyers intend buying in the next 12 months [...]

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