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.