Treasury Holdings business plan approved by NAMA

Slideshowbob

Fantastic news almost went unnoticed yesterday :rolleyes: :

http://www.independent.ie/business/irish/nama-orders-treasury-to-sell-major-block-of-assets-2488774.html

Just swell it's been done in time for this pressing matter in may:

http://www.irishtimes.com/newspaper/finance/2010/1209/1224285098933.html

Wonder if taxpayers can get sight of this "business plan"? Is jetsetting with miss worlds an integral part of it?

Sand

Given the business plan released by NAMA themselves for their own enterprise, Treasury Holdings could have sub-contracted the job to a 5 year old with some crayons and still got it approved.

ei.sdraob

its too late they shifted the money elsewhere by now

jmayo

Sand wrote: »

Given the business plan released by NAMA themselves for their own enterprise, Treasury Holdings could have sub-contracted the job to a 5 year old with some crayons and still got it approved.

And it gets even better.

Treasury Holdings is of course NAMA's landlord as with NTMA.
So NAMA are paying Treasury Holdings rent and Treasury owes NAMA money onloans they hold.

It gets even better if one checks the famous NAMA SPV.

NAMA is rather complicated. And so is its ownership structure.

... there is National Asset Management Agency Investment Limited.
This is the company that operates the Master special purpose vehicle (SPV), which is 51% owned by private interests, and 49% owned by the State. The reason for the split is so that NAMA’s debt can stay off the balance sheet of the State.

National Asset Management Agency Investment Limited has 100,000,000 shares. 49,000,000 of those are held by the National Asset Management Agency. Another 17,000,000 are held each by Irishlife Assurance PLC (part of the Permanent TSB group), New Ireland Assurance Company (part of the Bank of Ireland group) and Percy Nominees (Part of the AIB group)

Percy Nominees is an interesting one. Why a nominee company? Who are the private investors (if any), aside from AIB pension funds, that are invested in NAMA? The nominee company itself has a colourful history.

In 2007, Percy took action against Treasury Holdings over the title of the Northside Shopping Centre in Coolock...

The freehold of the centre was held in trust by Percy Nominees Ltd for both it and Mr Conlan, subject to a 99-year lease from October 1976 held by N1 Property Developments Ltd.

BNY claims that it, Ark Life and Mr Conlan entered in November 1998 into a co-ownership agreement with AIB Investment Managers Ltd (AIBIM), which included provisions governing the sale by one party of its interest in the centre.

...Let’s follow this for a second. Peter Conlan appears to be a property developer, who may also be the same Peter Conlan who is a director of Tanat Limited and Pensar Limited. Tanat is itself a company also connected with Treasury Holdings.

An interesting list there of over 300 companies of which Treasury Holdings chief Johnny Ronan (DOB December 4, 1953) is a director. Peter Conlan says in the document that he is a director of Boulden, a company dissolved in 1998, and Leisureworld Limited. According to the Tanat accounts, the company values its fixed assets at €14,000,000 as of December 2008. The company appears to own one property, and owes one bank €7.4m. The company is 50% owned by Mr Ronan and Mr Conlan.

Mr Conlan may or may not be still involved with Percy Nominees, but interesting documents nonetheless.

And what about Percy itself? Percy appears to own, on behalf of its clients, several properties in the UK. There is also a similarly named company called Percy Investment Funds PLC from which Percy Nominees director Niall Markey (an AIB employee) resigned in 2005. Percy Investment funds was categorised by British authorities as an offshore fund and it requested to have its authorisation revoked as a Collective Investment Scheme in the same year. Another director is Head of Property in the asset management area of AIBIM Caroline O’Shea, according to the AIB website.

http://thestory.ie/2011/01/02/nama-and-the-master-spv/

Slideshowbob

hurrah

Jonny is still alive and sweating his ass(ets): http://twitpic.com/4sx7d7

Dob74

Slideshowbob wrote: »

hurrah

Jonny is still alive and sweating his ass(ets): http://twitpic.com/4sx7d7

Poor guy being made cycle a bike.
Where's the merc?
Looking forward to another 30 years of paying income tax, so the great and the good can enjoy spain in the spring.:mad::mad::mad:

jmayo

Dob74 wrote: »

Poor guy being made cycle a bike.
Where's the merc?
Looking forward to another 30 years of paying income tax, so the great and the good can enjoy spain in the spring.:mad::mad::mad:

I wonder is the beardy f*** going to do the Wicklow 100/200 this year ?
It would be an awful pity if he was to fall off the bike going down one of the hills. :rolleyes:

Oh don't forget you are paying for his trips by private jet to Morroco as well.

tipptom

I know this may sound simplistic but can someone explain to me why NAMA cannot say to treasury that we refuse to bankroll any of your enterprises in ireland,england or europe unless your separate hong kong profitable company is taken in on the deal or else we let you go under.

ei.sdraob

tipptom wrote: »

I know this may sound simplistic but can someone explain to me why NAMA cannot say to treasury that we refuse to bankroll any of your enterprises in ireland,england or europe unless your separate hong kong profitable company is taken in on the deal or else we let you go under.

Because NAMA is designed to help the likes of Treasury at all costs (to anyone but them), country and taxpayers be damned.

tipptom

Maybe that was what Barret meant when he said to Bertie at the opening of the national convention centre "to keep on pulling for us",and you can be sure Barret didnt mean the taxpayer by that remark.

gigino

tipptom wrote: »

I know this may sound simplistic but can someone explain to me why NAMA cannot say to treasury that we refuse to bankroll any of your enterprises in ireland,england or europe unless your separate hong kong profitable company is taken in on the deal or else we let you go under.

I wonder will Treasuries ongoing property developments get bankrolled?

Slideshowbob

gigino wrote: »

I wonder will Treasuries ongoing property developments get bankrolled?

Eh. Isn't that already happening?

Who do you think is paying the interest on any stalled project borrowings they have?

Cookie_Monster

jmayo wrote: »

I wonder is the beardy f*** going to do the Wicklow 100/200 this year ?

he'll probably crash and then demand to borrow my bike so he can keep going

jmayo

Cookie_Monster wrote: »

he'll probably crash and then demand to borrow my bike so he can keep going

Ah Cookie I think you have that wrong.
He won't just get your bike, you will have to peddle it whilst the fat overfed sod sits on your shoulders.

tipptom

Wonder will NAMA get him to give up the maybach.