Nama Farce - You couldn't make this up!

Biggins

Seriously - this has to be a joke!

Here is another example of the absurd way things are done in Ireland – where those owning millions get further state contracts and the small guy also gets hammered at the same time by the same massive people that have given the state (you and I) further massive lumps of their debts!

This is going quietly around the net.

Bottom of the main business page from Friday’s Irish Times…

Tazbell Holdings/Group has won a tender from the Department of Justice to manage “the collection of overdue court-imposed fines”.

The contract, won by Dublin-based Tazbell, involves managing the collection of unpaid court fines through “proactive contact attempts” with the debtor. This will include “traditional credit management methods”, such as letters, phone calls and e-mails.

As the article also states, Tazbell is owned by Derek Quinlan, the well-known financier who’s currently selling his property on the exclusive Shrewsbury Road. He’s one of the top ten property investors heading into Nama via one of his other companies, Avestus.

The parent company over all his enterprises is registered on the Isle of Man. In August last year Quinlan took up permanent residence in Switzerland for “tax and personal reasons“.

Quinlan is also a director in Park Rite, which runs many of the car parks around the nation’s cities (Dublin alone: Arnotts, City Quay, Tallaght Hospital, St James’s Hospital, Fleet Street in Templebar, Mount Carmel Hospital, Parnell Street and a few more). On top of that Park Rite is the parent company of Dublin Street Parking Services. DSPS is an unlimited company not required to file accounts with the CRO. However, the Dublin City Council budget for 2009 shows that DSPS was paid almost €10m that year for “clamps, removals or car relocations” by the Council. It’s a clamping company contracted by the Council.

Quinlan – via Tazbell – also now has the contract for court fine debt collection. Oh, and he collects the toll on the M4- M6 motorway too via another company (a public-private partnership construction), in case you’re passing through.

So you can either pay to park with Tazbell or get clamped. Or you park in the pay-and-display… though you should be aware that if you overstay and catch a fine it’ll be Tazbell that’ll force you to cough up. Or park in one of the smaller car parks if you can find one… and good luck doing that as you rush into Tallaght Hospital, St James’s, Mount Carmel or University College Hospital Galway.

All the while he pays tax in Switzerland, bases his parent company in the Isle of Man as the taxpayer – the same one he’s clamping, charging and chasing for fines – takes on his loans through Nama.

Source: http://thestory.ie/2010/10/11/tazbell-contracts-and-quinlan/

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Does anyone at Nama or some civil servant office ever bother to make inquiries about those submitting tenders?
Absolutely makes a further farce out of Nama and those that are working in it and its aims!

Then again its not the first farce...

Here is a solicitor with 800 million borrowings - and is being court chased for €69 Million - from banks is advising NAMA in their dealings with banks!

A DUBLIN solicitor whose firm advises Nama is, with his wife, being pursued by Bank of Ireland in the Commercial Court for some €69.5 million over unpaid property loans and guarantees.

Brian O’Donnell and Dr Mary Pat O’Donnell, Gorse Hill, Vico Road, Killiney, Co Dublin, and companies in which they have shareholdings, are alleged by the bank to have extensive additional borrowings of some €800 million with other financial institutions across several jurisdictions.

Mr O’Donnell’s practice of Brian O’Donnell Partners, Merrion Square, Dublin, is among the firms contracted to provide legal advice to the National Assets Management Agency (Nama).

The judge allowed three weeks to the couple to outline on affidavit a defence to the summary judgment application and listed it for hearing on March 3rd, when he will also deal with proceedings in which Bank of Ireland wants some €42 million summary judgment orders against three companies of the couple over the same loans. They are GreyStoke, a company registered in Luxembourg; Vico Swiss Holdings; and Avoca Properties Ltd.

Mr Justice Kelly noted that, apart from the €69.5 million claimed against the couple, a statement of affairs for Vico Capital, of which Mr O’Donnell was chairman, showed borrowings of some €800 million due to other financial institutions. The judge said there seemed to be some confusion about what Vico Capital is. It was described as a private equity firm and a trading name of the couple.

In its statement of affairs, Vico was also said to have assets valued at more than €1 billion but Bank of Ireland has raised issues about the property values on which the assets statement was based.

Source: http://www.irishtimes.com/newspaper/finance/2011/0118/1224287761627.html

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Madness - pure madness.

RachaelVO

Jesus wept!!!!! That is making my blood boil, getting very angry here!!!! :mad::mad::mad::mad:

You're right it's farcical, it's typical irish cronyism at it's very, very best. Ireland has no chance at recovery while this sh1t continues.

Biggins

Its no wonder that one of the first things Fianna Fail did when they put together NAMA, was make the staff in it legally sworn to secrecy about talking about such absurd goings on.

Personally, I see this as probable tip of the ice berg. Lord knows what else is happening within NAMA - and just how much alone is FF and some of its members is still involved themselves with possible similar questionable connections and/or activities!

The whole procedural/personnel area of NAMA needs to be looked at, from the inside out. Full transparency.
Anything less is a cover-up.

ei.sdraob

I have said this before

NAMA is black box with few people and billions of euro of money and assets

It is a perfect breeding ground by design (from FF govt no less) for all sorts of corruption, due to its opaqueness and secrecy

CiaranC

The worst thing is that its so common, it will barely cause a ripple. Its just the way things are, so we'll have to learn to live with it or leave.

Biggins

CiaranC wrote: »

The worst thing is that its so common, it will barely cause a ripple. Its just the way things are, so we'll have to learn to live with it or leave.

...Or stay, speak up and highlight such farcical goings on?
As long as we either shut-up or run away - nothing will change!

We might not be successful every time - but others will see some folk will not go quietly into the night!

whoopdedoo

Biggins wrote: »

...Or stay, speak up and highlight such farcical goings on?
As long as we either shut-up or run away - nothing will change!

We might not be successful every time - but others will see some folk will not go quietly into the night!

but Biggins (I mean this in the most sarcastic way possible!) it's not like we're lybia or one of these countries, we really aren't that badly off yet to start making a fuss over anything.

the time has come for major protests in this country

Biggins

whoopdedoo wrote: »

...the time has come for major protests in this country

That "time" which we should have started off doing that, was a long time ago when FF was at the helm. Very few answered the call of others then.
Now we are all paying the price - by tax, levy, extra charges, quite higher DIRT rates, more expensive basic services such as gas and electricity as well as higher vat on top of that, higher fuel charges, new green charges, incoming water charges, incoming home and land evaluation charges... and on and on and on...
...And still a lot of the public didn't/don't protest.

Some of us haven't given up though. We're still going to be there speaking out.
There is no other choice - well except to lie down and take it meekly or run away.
Speaking personally, I was never one for just taking the soft option at times. Some things are worth fighting for.

sollar

Its so depressing to read that. I hope Enda with his new drive for transparency and honesty opens NAMA up for all to see.

The wise people of ireland should make sure Fianna Fail are finished as a party at the next election.... bunch of crooks imo.

problemchimp

Oh Biggins, I don't know whether to thank you or call you a cuunt for posting that, it has ruined my Monday but it has also re-affirmed my belief that we should protest more and not let the next coalition bum-fuuck us. Are the next lot just going to pick up where the last bastards left off. We MUST REMIND THEM ABOUT THEIR ELECTION PROMISES and don't let them get complacent. Thanks Biggins, you are not a cuunt.

jmayo

You folks do als0 know that NAMA's landlord is one Treasury Holdings who actually have also had their debts put into NAMA.

And the owners of Treasury Holdings are none other than major gimp johnny ronan and richard barrett, both sponsors of ff.



What is ridiculous is that AFAIK NAMA is paying rent, like NTMA, to Treasury Holdings whilst sitting on circa 1 billion of toxic sh**e belonging to them.

They may well get something back on the Battersea site in London. but lets see them get something back on the estate in Roundwood that they wanted to develop into a 2 golf course 10 story hotel complex. :rolleyes:

Killer Pigeon

Just shows that FF should never be aloud to return to power ever, ever, ever again ... ever!

Killer Pigeon

jmayo wrote: »

Even though they're all crooks, you have to admit, the guy on the left has some great hair.

Biggins

Killer Pigeon wrote: »

Even though they're all crooks, you have to admit, the guy on the left has some great hair.

...Probably to keep his hard neck warm.

ilovesleep

Jesus christ all christ almighty. more exploitation

look society will allow this to happen. People are going to roll in this abuse. Never in my life have i ever been so let down until the past 6 months. remember the irish taxpayer loves this kind of abuse. nothing will change until there are mass strikes and nothing in the exchequer for the government to operate nama, the country, their wages, etc. Or at least protests.

RachaelVO

jmayo wrote: »

You folks do als0 know that NAMA's landlord is one Treasury Holdings who actually have also had their debts put into NAMA.

And the owners of Treasury Holdings are none other than major gimp johnny ronan and richard barrett, both sponsors of ff.



What is ridiculous is that AFAIK NAMA is paying rent, like NTMA, to Treasury Holdings whilst sitting on circa 1 billion of toxic sh**e belonging to them.

They may well get something back on the Battersea site in London. but lets see them get something back on the estate in Roundwood that they wanted to develop into a 2 golf course 10 story hotel complex. :rolleyes:

CHRIST!!! This just keeps getting better and mother fking better! So the tax payer is paying them rent, and then they are paying their debts. SWEET HOLY SH1TE!!! This is just making me angrier and angrier!!!!!:mad::mad::mad::mad::mad:

20Cent

Here are the mentions of NAMA in the Prog For Gov
http://www.finegael.ie/upload/ProgrammeforGovernmentFinal.pdf

Not much but bit in bold seems relevant.
People need to be vigilant and ask what is being done about this and demand answers.


We will end further asset transfers to NAMA, which are unlikely to improve market confidence in either the banks or the State.

We will insist on the highest standards of transparency in the operation of NAMA, on reduction in the costs associated with the operation of NAMA, and that decision-making in NAMA does not delay the restoration of the Irish property market.

Fast-tracking personal bankruptcy reform needed to bring us into line with best international standards, such as introducing a flexible discharge period for “honest bankrupts”, defined as one that has materially complied with the Tax, NAMA and Companies Acts among others.

We will mandate the Minster for the Environment, in conjunction with Local Authorities, to bring forward a coherent plan to resolve the problems associated with ghost estates. This plan will be developed in cooperation with NAMA.

We will seek to capture some public good from NAMA by identifying buildings that have no
commercial potential, and which might be suitable as local facilities for art and culture.

There is also a good few promises to improve the freedom of information act to make things more transparent. This site has been sending in requests and publishing what they get back.

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