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Category: Economics

NAMA is MANNA for the State »

I have just sent the following as a comment to Simon Carswell in the Irish Times, today, in response to his article ” State takes the pain as NAMA tries to keep banks afloat” “Simon ,  You are saying, or at least implying, that the State is borrowing funds to bail out the banks.   “The State […]

NAMA borrowing myths nearly exposed tonight »

Tonight on Prime Time Donal O’Mahoney of Davys and Karl Whelan, the finance professor who would nationalise the banks…nearly fell upon the truth about the funding in NAMA…but unfortunately Miriam intervened and forced a change of topic. Karl said that the government would have to borrow to fund NAMA and asked what’s the difference between that and […]

Economist confuses NAMA picture even more… »

I have just been listening to Associate Professor Brian Lucey (- with Karl Whelan, the leader of the gang of 46 -) explaining to Morning Ireland listeners exactly what NAMA means to us as Borrowers He says that we, the taxpayers, will be borrowing this 47 or 54 billion and giving it to the banks.  […]

Seems AIB can do better than NAMA »

Based on the Minister’s statement to the Dail today, it would seem that AIB, and maybe also BOI, can do better than deal with NAMA The Minister will “buy” in total  €47 bn. of assets at “current market value” (CMV), and then pay an extra 7 bn on top in “subordinated “bonds. That’s 54 bn out […]

When will you redeem the bonds, Minister? »

Today, Wednesday September 16th, is NAMA day, when our Minister of Finance, (and probably the next Taoiseach) Brian Lenihan, will announce some estimates, and hopefully some hard details of the NAMA scheme and its impact on the banks. Most of the population, gripped by irrational fear of great losses by this stage, will be anxiously […]

NAMA Bonds–so who do you think is taking the risk? »

The government, via NAMA, will pay for the banks’ assets by issuing “NAMA Bonds”. The banks will be given bonds totaling the estimated fair value of the assets the government will agree to take off their hands. That’s the taxpayers’ “risk”…no cash is paid..just a taxpayers’ bond, if you like, ..actually a promise to pay […]

The NAMA penny begins to drop »

I am listening to Green Minister, Eamon Ryan talking about the great breakthrough which the Greens negotiated with their government partners–by achieving “risk-sharing” in NAMA. Eamon is a nice guy – I gave him a vote last time- but he seems clueless when it comes to economics and banking..like most political commentators, actually, including spokespersons […]

The proper price of NAMA bonds »

The State takes the gain, and the banks shareholders take the loss and the risk, in the NAMA scheme. The terms on which the deal is done- the value of the transferred assets and the consideration to be paid for them – should reflect this reality. I try to estimate a fair price for shareholders […]

NAMA – Taxpayer is the big winner ! »

Contrary to public perception, the taxpayer is not at risk in the NAMA scheme and, in fact, he is the biggest beneficiary. Its the banks’ individual shareholders- tens of thousands of them are probably Irish citizens in their later middle age or older- who stand to lose most. The Irish government does not have to […]

AIB share at the break out point »

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Video: About NAMA(2009)