Delays to NAMA paying out for the first toxic loans – still time to act.

The Sunday Business Post reports that NAMA is likely to miss its first scheduled payment for toxic loans (February 12th, 2010) as a result in delays in getting EU approval, the EU dealing with a FG complaint and delays within NAMA itself in setting up a special purpose vehicle as an instrument in its operations.

Whilst the EU ponders state-aid rules and the FG complaint, there is still time to write to your TD and demand transparency in how NAMA pays for toxic loans and to ensure sufficient safeguards are built into the valuation process to deal with little surprises like the

1. 300,000 vacant homes

2. population growth (or reduction)

3 the Supreme Court’s recent ruling that companies in examinership can repudiate leases

4. the ending of upward only rent reviews

5. abolition of property tax incentives

6. the continuation in the Irish downturn for the next year and rising unemployment

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