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N.A.M.A -Progress so far?

  • 05-02-2011 06:13PM
    #1
    Leroy Lita
    Registered Users, Registered Users 2 Posts: 605 ✭✭✭


    hows NAMA going so far in terms of restoring the banking system and the economy?


Comments

  • #2
    lmimmfn
    Registered Users, Registered Users 2 Posts: 3,553 ✭✭✭lmimmfn


    lol

    Ignoring idiots who comment "far right" because they don't even know what it means



  • #3
    Leroy Lita
    Registered Users, Registered Users 2 Posts: 605 ✭✭✭Leroy Lita


    lmimmfn wrote: »
    lol

    i take it by your response that its not going well??


  • #4
    mikom
    Closed Accounts Posts: 16,391 ✭✭✭✭mikom


    Leroy Lita wrote: »
    hows NAMA going so far in terms of restoring the banking system and the economy?

    NADA.


  • #5
    Leroy Lita
    Registered Users, Registered Users 2 Posts: 605 ✭✭✭Leroy Lita


    mikom wrote: »
    NADA.

    but hasnt it restored the banking system?


  • #6
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,561 Mod ✭✭✭✭johnnyskeleton


    Leroy Lita wrote: »
    but hasnt it restored the banking system?

    It depends on what you mean by "restored". Over the last few years, private debt has become unmanageable in Ireland and coupled with declining GNP, we are unlikely to return to those levels of credit any time soon. Instead, we will see credit shrinking back to levels of perhaps a decade ago, perhaps more. New capitalisation rules will further dampen this effect.

    So NAMA, by taking debts from the banks' loan books, has helped them by removing bad debts. But instead of making new loans to fill this gap, the banks are consolidating their balance sheets.

    Essentially, NAMA has not, and could not have, helped the banks to "get lending again". Minister for Finance Brian Lenihan said this at the time but it was wrong and, we now know, he knew it was wrong. It will be a long time if ever before the banks go back to lending at those levels again.


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  • #7
    ei.sdraob
    Closed Accounts Posts: 9,376 ✭✭✭ei.sdraob


    Leroy Lita wrote: »
    but hasnt it restored the banking system?

    20% domestic deposits leaving the country completely (and not just going to rabo and ub) in last few months, with the rate accelerating...

    you can get detailed NAMA progress on the above blog


  • #8
    Pete_Cavan
    Registered Users, Registered Users 2 Posts: 7,338 ✭✭✭Pete_Cavan


    AFAIK NAMA has turned a profit so far but that is because they have also taken performing loans (such as Paddy McKillens). IMO FF are making sure they hold onto the really toxic loans until they are out of government so it looks like it was profitable while FF were in and the next government f*cked it up.


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