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Nama valuations to be backdated !

  • 21-03-2010 11:10am
    #1
    [Deleted User]
    Posts: 0 ✭


    http://www.timesonline.co.uk/tol/news/world/ireland/article7069825.ece
    The finance minister first mentioned the November date in a reply to a parliamentary question on March 11, just two weeks before the first tranche of loans were due to be transferred to Nama. “Any property decreases or increases after November 30, 2009 will not be reflected in the Nama market valuations,” he said.

    While we bicker amongst ourselves on internet forums about unpaid fas schemes, high taxes, pay cuts, and competitiveness the root cause of all of this, NAMA, gets worse.


Comments

  • #2
    ei.sdraob
    Closed Accounts Posts: 9,376 ✭✭✭ei.sdraob


    a move that economists claim will cost the taxpayer up to €5 billion.

    12brian_385x185_521479a.jpg


    only 5 billion :cool: thats more that was saved in last "savage" budget


  • #3
    dunleakelleher
    Registered Users, Registered Users 2 Posts: 208 ✭✭dunleakelleher


    I'm surprised he didn't backdate it to property prices in 2007,


  • #4
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Constantin Gurdgiev, a lecturer in finance in Trinity College Dublin (TCD), said the decision to backdate the Nama valuations means the taxpayer will have to pay billions more than the loans are worth. “This has totally stunned me,” he said. “It is estimated that house prices will fall by around 10% in 2010, and land prices will be even worse. If we have to pay 2009 prices for loans worth €50 billion, this decision could cost us up to €5 billion. It’s just another holiday for the banks.”

    Brian Lucey, a professor of business in TCD, said it was a “shocking, nonsensical” decision. “The government has never engaged in legislative price fixing before, but that’s what this is,” he said. “There was a provision for [Lenihan] to set a reference date for Nama to make its valuations, but for that date to be set so far back is shocking.”

    Lenihan has already said he is putting a floor under property prices. He is making us more uncompetitive, poorer, increasing the cost of living & taxes in a time of wage deflation, and increasing unemployment while doing so.
    http://www.youtube.com/watch?v=pWlz1IKWfw4&feature=player_embedded


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