We found out from the Irish Independent this week that three judges including a “prominent High Court judge” are amongst those unfortunate clients of Custom House Capital who are set to lose substantial sums of money following the collapse of the Dublin based investment company last year. Separatelym we have known for some time that some judges invested heavily using borrowed money during the property boom in the mid-2000s and indeed the Independent reported last year that “it is understood that a small number [of Irish judges] are to [sic] trying to prevent loans being transferred to NAMA” In addition, there are 166 TDs in the Dail and 60 senators in the Seanad and the Register of interests reveals that several of them own property other than their homes, though the Register does not require politicians to provide details of associated loans. Remember that at INBS and EBS, NAMA acquired most development loans regardless of value, at Anglo the threshold was €5m and at AIB/Bank of Ireland, it was €20m.
So it may well be the case that our law makers and law administrators have loans in NAMA, something which might colour their views on NAMA transparency, property prices, debt forgiveness and a host of other prickly issues. NAMA says it has 1,000 individuals who comprise its 850 debtor connections. How many of them are judges and politicians? Earlier this week, the Sinn Fein finance spokesperson Pearse Doherty asked the Minister for Finance Michael Noonan that question, and the exchange is shown in full below. NAMA won’t say how many judges and politicians are amongst its 1,000 debtors, citing section 202 of the NAMA Act which prevents the disclosure of confidential information. But unless the answer is a number which represents a very high proportion of the sets of judges and politicians, it is hard to see how disclosing that say – strictly for the sake of argument – three TDs and two senators are in NAMA, or that two current judges are in the Agency.
Deputy Pearse Doherty: To ask the Minister for Finance of the 1,000 debtors/850 debtor connections controlled by the National Asset Management Agency, if any are currently active judges within the Irish judiciary.
Deputy Pearse Doherty: To ask the Minister for Finance of the 1,000 debtors/850 debtor connections controlled by the National Asset Management Agency, if any are current members of the Oireachtas.
Minister for Finance, Michael Noonan:I propose to answer question 293 and 294 together.
I am informed by NAMA that its debtors include a wide range of occupational groups.
However, NAMA has legal obligations of confidentiality in respect of information relating to NAMA debtors. Section 202 of the National Asset Management Agency Act 2009, which legislation was passed by this House, specifically states that an officer shall not disclose information that he or she knows or ought reasonably to have known is confidential information.
NAMA Wine Lake 
As long as such a judge recuses him or herself from hearing any case involving NAMA, what’s the issue?
Word on the street is that the ramifications of Enda Farrell’s pretty paltry action continue unabated. Nama’s offices are under seal. External investigators stalk the corridors. They’ve been brought in to discover just what might have leaked or left the building. All is upheaval as the inmates scramble to save themselves all the way to the top. The methods previously used on the debtors have been turned inward. Mayhem reigns, what will be uncovered remains to be seen…
@MK, We both have the same feedback. There’s a lot of disgruntled employees in NAMA this week.
@NWL, Dunnit again! …. There are a lot of disgruntled employees. Too much wine today.
@WSTT, WordPress, the people who host the NWL blog say there are no plans to introduce an “edit comment” function which they claim would stymie debate!
It is grammatically incorrect to say “there is a lot of disgruntled employees” but maybe it’s an Irishism particularly when the “is” is contracted to ‘s as in “there’s a lot of disgruntled employees” because you come across it a lot.
Here’s Senator Thomas Byrne having a bad day and telling a constituent off for his poor grammar
“You might also note that as you seem to be concerned with professionalism, the “f” in “Yours faithfully” should be in lower case”
but then going on to commit the same grammar error as you
“there’s plenty of people around who wish I was still a TD and the office was still open”
http://www.thejournal.ie/fianna-fail-senator-says-signs-saying-he-is-still-td-“not-misleading”-210568-Aug2011/
Does Bunbury have any comment on the matter?
Hopefully not at Town…….remember this ?
“I always adored Town Bar and Grill as a customer. Then my brother, Johnny Ronan, of Treasury Holdings, owned it. When it went up for sale last summer, it went out to public bid.
People think that just because I’m Johnny’s sister I might have got it as a present, but I most certainly did not. My life savings have gone into this restaurant, and anyway I strive to be removed from Treasury or anything to do with them.”
http://www.thesundaytimes.co.uk/sto/news/ireland/article991577.ece
“However, Ms Ronan is believed to have bid in the region of €500,000 to purchase the business.”
http://www.independent.ie/national-news/topranked-restaurateur-expected-to-leave-dublin-2654214.html
Grab a copy of the always must read Phoenix,the current edition has a fascinating piece in High Society on,ahem the ‘life saving’s’ of Ronan’s sister.
Short summary(subscription only sorry)but Treasury purchased Town via a sub called Ellandrock.JUST, before the ‘sale’ to his sister Ronan/ Treasury wrote down the value from 340,000 to YEP 10,000-which was the agreed sale price!
Oh there is also the little matter of Treasury refunding management fees to Gillian of 450,000 well worth a read.
Seriously NAMA,did Ronan just p**s all over you guys again ?
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