Well well, the establishment have made a mess out of Nama, two men have been charged in the North with fraud in respect to the sale of Nama’s Northern loan book. It was sold for less than one third of its book value of sterling $4.5 billion. Basically sold for a song to a American company Cerebus who obviously got a bargain. Wouldn’t you make a “killing” here if you had the credit rating. Mick Wallace then TD now MEP raised the matter in 2015 in the Dail that one politician got over £7 million lodged in a Isle of Man bank account obvious kick-back or “Success fee” as the politicians call them.
You have the Vista of state assets being sold for way less than their worth and then the “state” paying three times the price when it comes to the National Broadband Plan- € 3 billion when Eir (formerly Eircom ) said they would do it for €1 billion, big difference what ?
The Broadband plan and that National children’s hospital are obvious examples of waste and government corruption. What country can be run this way, One that ends up being bankrupt ! One that needs the Troika (The EU, the ECB and the IMF) to bail it out and put the citizenry even deeper in debt.
TD Mick Wallace ‘told he would be “sorted” for raising issues on sale of NAMA Northern loan book’ – Dáil hears
Here is a response from Nama on whether it is part of the National Debt (its not but still borrowed money that the taxpayer has to pay back) and how much have they got back of the €74 billion they borrowed to bail out the banks- they wouldn’t say but gave a link to a report on Nama which is here https://www.nama.ie/uploads/documents/2019-07-17-Second-NAMA-Section-227-Report.pdf.
It was confusing and didn’t answer the question, a more technical reader might understand it but I couldn’t make head nor tails of it.
||Aug 12, 2019, 4:55 PM (13 days ago)
Thank you for contacting the National Asset Management Agency.
To answer your query, NAMA does not comprise part of the national debt. In fact, NAMA expects to return a surplus to the Exchequer in the region of €4 billion when it completes its work.
For further information on NAMA’s establishment and progress, you may wish to view a recent report undertaken by the Minister for Finance, available here.
Senior Communications & Public Affairs Manager
Was watching RTE (this crowd owe me millions in unpaid damages) news at six o’ clock this evening and saw a piece about Nama repaying the “state” some €2 billions euros this year and possibly another €2 billion next year before its wound up likely next year also.
This was reported as positive news, while any repayment of funds is welcome the RTE news reporter didn’t give a overview of how much has been gotten back by Nama. Nama took over € 74 billion in defunct loans from the five major banks, its borrowed money which was kept off the books and it is all owed by the taxpayer it is private debt made public.
One has doubts whether it will stop there either as the national debt or state debt stands at over €211 billion that’s €45,000 for every man, woman and child in the “state”. This debt was recklessly brought on by a Fianna Fail government who despite the “boom” left the country in a far worse state than they got it in 1997. We owe a lot more- €40 billion in late 90’s to over €211 billion in 2019 and haven’t got that much to show for it.
Don’t think Nama is on the books either here. The running of Nama doesn’t inspire confidence as they sold their northern loan book for €1.5 billions when it was worth over € 5 billion. Someone made a “killing” there, i’m sure that’s not the end of it either.
So any one out there know what the “sums” are on Nama ??
Big loss, break even or a gain ?
Now for the news reporting, the journalist who was reporting the item on Nama presented it as “good news” without the overview. He presented it “1984” style as in the film “1984” the chocolate ration is cut from 30grams to 25 grams but they report it as “chocolate ration up to 25 grams” hurray ! The journalist’s report was very similar to “1984” newspeak. That’s my observation anyway.