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09/04/2009
Agency Will Seize Property From Bad Debt Developers
The new National Asset Management Agency (NAMA) announced in the emergency budget on Tuesday will be given the power to seize property which developers are defaulting on, it has emerged.
Under new powers announced by the Government the State will take over €90bn of development land and risky property loans from the banks through the work of the agency.
The loans will be held by agency for a period of up to 15 years in the hope they can be sold at a profit.
Legislation for the new powers is being rushed through the Daíl while NAMA officials negotiate with the main banks.
However, Brian Lenihan has admitted that the move is risky. The Finance minister admitted yesterday that the Government may need to take majority stakes in the banks if the losses on property and developments loans are so large they need additional capital from the State.
This would mean more Government ownership of the banks, and an retardation of freedom in the banking system.
However, in to protect taxpayer's interests, the agency will redirect profits made from the eventual sale of the loans to the state which may be used to service the €54.2bn national debt.
However, if NAMA makes a loss, the Government will apply a levy on banks to recoup the shortfall. But crucially, this will any partly Government owned banks would be paying money to themselves.
Fine Gael's spokesperson for Arts, Sports and Tourism said: "The worst joke of all is the Government's assurance that, if the value of the loans aren't realised, we will recoup the loss through a levy on the banks. This is complete nonsense.
"The Minister doesn't seem to realise, or assumes that we don't, that, by then, the taxpayer will own the banks. By then, we will have recapitalised too often and acquired so many shares we will effectively own them, even if we haven't gone for outright nationalisation."
(DW/BMcC)
Under new powers announced by the Government the State will take over €90bn of development land and risky property loans from the banks through the work of the agency.
The loans will be held by agency for a period of up to 15 years in the hope they can be sold at a profit.
Legislation for the new powers is being rushed through the Daíl while NAMA officials negotiate with the main banks.
However, Brian Lenihan has admitted that the move is risky. The Finance minister admitted yesterday that the Government may need to take majority stakes in the banks if the losses on property and developments loans are so large they need additional capital from the State.
This would mean more Government ownership of the banks, and an retardation of freedom in the banking system.
However, in to protect taxpayer's interests, the agency will redirect profits made from the eventual sale of the loans to the state which may be used to service the €54.2bn national debt.
However, if NAMA makes a loss, the Government will apply a levy on banks to recoup the shortfall. But crucially, this will any partly Government owned banks would be paying money to themselves.
Fine Gael's spokesperson for Arts, Sports and Tourism said: "The worst joke of all is the Government's assurance that, if the value of the loans aren't realised, we will recoup the loss through a levy on the banks. This is complete nonsense.
"The Minister doesn't seem to realise, or assumes that we don't, that, by then, the taxpayer will own the banks. By then, we will have recapitalised too often and acquired so many shares we will effectively own them, even if we haven't gone for outright nationalisation."
(DW/BMcC)
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31 July 2009
Ireland To Become World's Biggest Property Owner
As the plans for the National Assets Management Agency (NAMA) are released, the first reactions suggest the toxic debt trouble-shooter is a €90 billion gamble that could see the Irish state becoming the worlds largest property owner. NAMA will be responsible for buying up assets and properties which developers are failing to meet the payments on.
Ireland To Become World's Biggest Property Owner
As the plans for the National Assets Management Agency (NAMA) are released, the first reactions suggest the toxic debt trouble-shooter is a €90 billion gamble that could see the Irish state becoming the worlds largest property owner. NAMA will be responsible for buying up assets and properties which developers are failing to meet the payments on.
29 July 2009
Assets Management Agency Draft Approved
Draft legislation to set up the controversial National Assets Management Agency (NAMA) has been approved. Ministers today finally signed off the legislation after a three-hour meeting looking at the establishment of the agency, which will responsible for taking control of back debts and toxic loans.
Assets Management Agency Draft Approved
Draft legislation to set up the controversial National Assets Management Agency (NAMA) has been approved. Ministers today finally signed off the legislation after a three-hour meeting looking at the establishment of the agency, which will responsible for taking control of back debts and toxic loans.
07 December 2011
Report Urges Gov To Sell Off Nama
A Government review on the National Asset Management Agency (Nama) has recommended the agency be sold once it has disposed of its loans. Nama was set up to absorb, pursue and sell off 'toxic loads' being held by Irish banks, taking on some €75 billion of high-risk land and development loans.
Report Urges Gov To Sell Off Nama
A Government review on the National Asset Management Agency (Nama) has recommended the agency be sold once it has disposed of its loans. Nama was set up to absorb, pursue and sell off 'toxic loads' being held by Irish banks, taking on some €75 billion of high-risk land and development loans.
24 November 2010
Irish Credit Downgraded By Agency
Ireland's difficulties seem to worsen by the hour as Standard & Poor's announce they are downgrading the State's international credit rating and placing its banks on "CreditWatch". The news comes just after another international ratings agency, Moody's, announced it would be slashing Ireland's credit rating, following the news of the Irish bailout.
Irish Credit Downgraded By Agency
Ireland's difficulties seem to worsen by the hour as Standard & Poor's announce they are downgrading the State's international credit rating and placing its banks on "CreditWatch". The news comes just after another international ratings agency, Moody's, announced it would be slashing Ireland's credit rating, following the news of the Irish bailout.
08 September 2009
Developers Push For Inclusion In NAMA Plan
The State's developers have called on the Government to include them in the current formulation of the National Assets Management Agency Plan.
Developers Push For Inclusion In NAMA Plan
The State's developers have called on the Government to include them in the current formulation of the National Assets Management Agency Plan.
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