NAMA

[Poppler King]

Just thought I'd set up a thread about this to see what everyone thought about this. For anyone not from Ireland NAMA is the Irish governments plan to save all our banks. NAMA stands for National Asset Management Agency. Their plan is to buy all the bad loans off the banks.
NAMA involves purchasing bad loans of EUR90bn with. It is an unprecedented gamble with very bad odds, and the losses will be very real. A generation of higher taxes and severe cutbacks will inevitably result from NAMA.
There is also the face that our government has close ties with property developers and will no doubt end up completely overpaying for everything.
Just wanted to see what the rest of the world thinks of this as reports are now coming in of certain countries coming out of the recession already.

[[KMA]Avenger]

not good at all!!!

TARP funds and 2nd round of bailouts anyone?

i say, failing banks with bad mortgages should be allowed to just fail and die!


all the bailout money spent bailing out these bad institutions is blatant day light robbery, and if that money had instead been spent by our Govts on repaying EVERYBODY'S mortgage, we would STILL have billions left over and a debt free society which would start spending again thereby moving out of the recession instantly...

but what the hell do i know?!?!

[agapooka]

It's funny how the government is more concerned with saving the banks that control it than serving the people it was conceived to serve. Then again, if I put it that what, it all makes sense.

[yoyo_sgw]

Just thought I'd set up a thread about this to see what everyone thought about this. For anyone not from Ireland NAMA is the Irish governments plan to save all our banks. NAMA stands for National Asset Management Agency. Their plan is to buy all the bad loans off the banks.
NAMA involves purchasing bad loans of EUR90bn with. It is an unprecedented gamble with very bad odds, and the losses will be very real. A generation of higher taxes and severe cutbacks will inevitably result from NAMA.
There is also the face that our government has close ties with property developers and will no doubt end up completely overpaying for everything.
Just wanted to see what the rest of the world thinks of this as reports are now coming in of certain countries coming out of the recession already.

nothing new, just stealing in a legal way.
Liam Carroll’s Zoe group going into liquidation is a big blow to banks and Nama.
the fact that the legislation includes a provision for banks to appeal the valuation put on bad property loans is sickens me.
i hope FG+greens vote against this but i think the goverment are liable for 100s of billions in deposits if the banks do go bust.
lose,lose for the taxpayer

[~Coyle~]

The Bill proposes to give NAMA extensive powers to take over land and development loans from banks in an effort to get them lending again and supporting economic recovery
I am in favour of NAMA as i believe that is what it will do, the risk isnt that bad compared to what would happen if we nationalised banks, which is what labour want. Everyone keeps saying this and that is a bad idea yet no one else will come up with anything better.
I dont think they will pay over the odds for any assests, Banks will gladly take an offer of 50% what there worth than face getting nationalised were they will get nothing .

Today it emerged it will have significant new legal powers to compulsorily obtain property or other interests such as shares.

Where it faces legal challenge the legislation allows it proceed without being unduly obstructed.

It will also have the ability to enforce developers to sell off properties to pay back loans.

It will be able to seize assets and appoint receivers.

At this point im really sick of the irish politics and how much us irish moan about stuff, if something looks like it could work theres always a good amount of people to moan about it and make other people doubt it with rubbish they make up.

[[KMA]Avenger]

i have an idea, get rid of the banks, have them only as clearing houses for cheques and reintroduce honest money, instead of the Fiat currency (backed by nothing and fraudulent) we have now.

take back ALL the bailout money and pay off EVERYONE'S debts and mortgages...

look at all the bailout money (tax payers money i might add!) that's been handed over to the banks to get them lending again, in the US alone its well over 23.7Trillion (read that again) and the banks have been lending each other the cash, but no money has been made available for loans by these banks, in fact, in the US, its come out in congressional hearings that the Federal Reserve has been paying other banks NOT to make any new loans available.


the fact of the matter and the bottom lie is this, the banks have made some seriously bad investments, the markets have more or less collapsed and now we the tax payers have to bail them out?!?! ARE YOU KIDDING ME OR WHAT?!?!

ok, lets look at this from another perspective, we bailout the banks with OUR money, only to have the banks LEND US OUR MONEY BACK WITH INTEREST PAID TO THEM...

if that wasn't what's happening, i would consider that laughable!

[~Coyle~]

Only problem is Ireland has only 2 major banks, if we let them collapse our country is screwed

[[KMA]Avenger]

you don't let them collapse, instead of giving the cash to the banks, pay off the peoples debts with it and then phase in a new and honest monetary system with the banks converted to cheque clearing houses.

[~Coyle~]

Hmmm i know there has to be something wrong with that, but i cant think of a reason it wouldnt work

[[KMA]Avenger]

i have to admit, its not as simple as i make it sound, but paying off the peoples debt to the banks rather than just handing the cash over to them to make new loans back to us has its obvious benefits

[Poppler King]

LC the Irish people love to moan but to be honest no one really backs that moaning up by doing anything. Like the Lisbon treaty is being put forward to us again when it was already voted down is a disgrace (I don't want Lisbon to creep into this its just an example).
Alot about NAMA just seems to come down to peoples trust in the Irish government and that is at a serious all time low.
Oh and Fine Gael have something put together, not sure of the details of it yet but they make it sound all nice by calling it a good bank

[~Coyle~]

Ah im glad that treaty is back up for a vote, i wanted a yes, to many scare tactics were used by the no people
At one voting station there was a chap standing outside telling everyone if they vote yes there sons would be forced to join the army, i really wanted to hit him lol, also i thought it was illegal to do that

Ah i heard the good bank thing, i didnt really think much of it, but i didnt look at it much though, the thing is, no matter how good an idea FF bring up, Labour, FG, SF will all go against it, which im finding quite sad lately

[Poppler King]

Yeah i'm pretty sure it is illegal to do what that man did...

FG,SF and Labour are the opposition now and as I said earlier trust in FF is at an all time low and the opposition parties can easily see if they support FF at this time it'll be throwing away votes so they're offering alternatives to everything, basically just doing they're job by trying to act in the best interests of the Irish electorate when everyone is accusing FF of just bailing out the banks and to be fair there are quite a few more dodgy money deals coming out of FF than any other party.