We certainly get a lot of bang for our 150,000 bucks that is paid to the NAMA chairman, the hawkish Frank Daly. He has elevated the promotion and defence of NAMA into an art form and gave an interview on a Dublin radio station yesterday. The Broadsheet.ie has painstakingly transcribed the interview, and the transcript is available here.
There’s not really anything that the regular audience on here won’t have known before – NAMA has so far had €350m of asset transfers reversed/additional security provided, by developers. NAMA still isn’t saying if any of this is dependent on NAMA cooperating with, or advancing new funding to, developers. At least Frank is no longer equating these reversals and additional security with NAMA’s operating costs over ten years, costs which will total €194m in 2012 alone according to NAMA’s latest projections.
Frank might want to expand his vocabulary to describe lending practices at Irish banks to give some variety to his use of “appalling”.
The only hook in the entire interview was when Frank said “and by the way being declared bankrupt in the UK does not mean NAMA loses interest in you -far from it” You’ll recall that NAMA is still pursuing John Fleming who was discharged from bankruptcy last November and is presently in the UK courts trying to get an attachment order against John’s income for the next three years. Tom McFeely and the Grehan brothers, Ray and Danny have also declared themselves bankrupt in the UK.
And Frank wasn’t being exactly frank when he referred to a developer managing a portfolio worth €2bn in the context of being paid a “six figure salary”. Remember NAMA is paying €55m in overheads to 41 developers. And NAMA has yet to receive European Commission approval for its valuation and due diligence in the acquisition of €47bn of the overall total of €74bn of NAMA loan acquisitions.
But all said, a fine defence of NAMA again from Frank though at this stage he could probably do it in his sleep.