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Archive for February 23rd, 2010

Demonstrating yet again that NAMA is leakier than a colander, the Irish Independent quotes “sources” providing an update on the progress of NAMA. The update is that EU approval of the NAMA scheme (sought in December 2009) should be provided by the end of this week and the first loans should be transferred by the end of March 2010.

Of the €77bn of loans and rolled up interest (see the NAMA financial overview to place this in context) AIB was to transfer €24bn of loans (now €23bn or less); BOI €16bn (now €14bn or less), EBS €1bn (no update from the “sources”); Irish Nationwide €8bn (no update from the “sources”); and Anglo Irish Bank €28bn (now €30-35bn and the Indie settled at €33bn).

We await further news from the “sources”

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Deidre de Burca, the so-called “shafted” Green party senator who failed to land the European job with Maire Geoghegan Quinn yesterday released an email she sent to her party leader and Minister for the Environment, John Gormley, to prove that she did indeed communicate with him about the DDDA.  It’s hard to see the great political significance of the email at present – the forthcoming publication of the DDDA report in the “coming weeks” once cleared by the Attorney General may shed more light on the significance of the communication. One of the reports is available here thanks to thestory.ie for OCRing it and for Fine Gael for getting it released.

The author of the email which Ms De Burca forwarded is not known though the author is clearly concerned at the proposed NAMA haircut of 30% and the facts that were appearing on the ground in August 2009 – and the market has deteriorated clearly since that point (in August 2009, the 27-acre Glass Bottle site in Ringsend which had been bought for €412m in 2007 was apparently worth 40% of that – €164m and is now apparently worth €60m). Clearly it’s not publicly known what assets comprise the €88bn of gross assets that once underpinned the NAMA loans but with the physical assets whose deals are unravelling in the Commercial Court or indeed on the consumer pages of our property media it would appear that the market has dropped by well in excess of the 47% cited by Brian Lenihan last September 2009 and makes Enda Kenny’s statement in London last week that any haircut of less than 40% would be “outright theft”.

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