Nama...Accountability??!!??

fergiesfolly

https://www.breakingnews.ie/ireland/report-claims-nama-could-have-raised-extra-18bn-for-taxpayer-783145.html

The gist of the story is that Nama could have recouped an extra €18 BILLION for the Irish taxpayer.
But didn't because they sold properties too quickly and cheaply.
There has to be some sort of legal accountability for this.
This should be headline news.
Where's the Richard Boyd Barrett's and Shane Ross' to speak up about this national disgrace.

Yourself isit

fergiesfolly wrote: »

https://www.breakingnews.ie/ireland/report-claims-nama-could-have-raised-extra-18bn-for-taxpayer-783145.html

The gist of the story is that Nama could have recouped an extra €18 BILLION for the Irish taxpayer.
But didn't because they sold properties too quickly and cheaply.
There has to be some sort of legal accountability for this.
This should be headline news.
Where's the Richard Boyd Barrett's and Shane Ross' to speak up about this national disgrace.

They are dammed either way. By holding onto properties they would be accused of hoarding to manipulate the market.

Jack the Stripper

Nama are a bigger shower of cowboys than the bankers.

Gloomtastic!

Why was the report commissioned? Who is Developer David Daly?

DontThankMe

Not much use crying over spilled milk now. Nothing is going to change we should try focus on the future not the past.

ChikiChiki

The evidence is there of corruption in Nama and has always been there. Joe public couldn't give a fcuk and always takes the easy route of choosing to ignore.

padd b1975

This is the same NAMA that all the ditch hurlers predicted would never make a profit??

Now because they never put themselves into a position of responsibility, they get to speak out of the other side of their mouths.

Very convenient.

AlmightyCushion

If they had held onto the properties hoping for an increase and property prices had dropped instead they would be getting grief for it too.

Jack the Stripper

AlmightyCushion wrote: »

If they had held onto the properties hoping for an increase and property prices had dropped instead they would be getting grief for it too.

Any one would know things would turn around. Your post is nonsense.

Yourself isit

Jack the Stripper wrote: »

Any one would know things would turn around. Your post is nonsense.

Most people in 2012 thought we were doomed to cheap surplus property for decades.

Are your saying that NAMA should hold onto property until the very peak of the market?

SEPT 23 1989

Daly was asked to repay his loans amounting to half a billion in 24 hours

Imagine opening that letter

myshirt

This is along the lines of the old saying... if my aunt had balls, she'd be my uncle.

To judge NAMA fairly, you have to examine the quality of decision based on the information available to the board at the time, not information in hindsight and retrospect. This is Jim Corr stuff that's going on here.

Phoebas

Jack the Stripper wrote: »

Any one would know things would turn around. Your post is nonsense.

It's great when you have a time machine and a crystal ball.

Anita Blow

NAMA was conceived as an asset management agency, the aim of which was to maximise return to the taxpayer. If that meant holding on to property for a number of years until it has reached maturity, then so be it. That is the fundamental work of an asset management service. Instead it was run as a debt collector & recklessly sold off assets without any analysis on current or future potential market value.

"They don't have a crystal ball" is pointless deflection and ignores the serious errors highlighted in by the report. NAMA sold a property in the IFSC for 28 million and within 6 months it was sold on at nearly a 100% mark-up. Another property was sold by them for 1.3 million and then sold just a year later at a 1000% mark-up. It is glaringly obvious they're either incompetent or corrupt.

It's actually shocking that people here are taking such an apathetic approach to it. This stupid Irish apathy is the exact reason Noonan was able to so casually renege on the promise of recouping the 70+ billion through NAMA and we're now looking at a 40 billion loss

Yourself isit

Anita Blow wrote: »

NAMA was conceived as an asset management agency, the aim of which was to maximise return to the taxpayer. If that meant holding on to property for a number of years until it has reached maturity, then so be it. That is the fundamental work of an asset management service. Instead it was run as a debt collector & recklessly sold off assets without any analysis on current or future potential market value.

"They don't have a crystal ball" is pointless deflection and ignores the serious errors highlighted in by the report. NAMA sold a property in the IFSC for 28 million and within 6 months it was sold on at nearly a 100% mark-up. Another property was sold by them for 1.3 million and then sold just a year later at a 1000% mark-up. It is glaringly obvious they're either incompetent or corrupt.

It's actually shocking that people here are taking such an apathetic approach to it. This stupid Irish apathy is the exact reason Noonan was able to so casually renege on the promise of recouping the 70+ billion through NAMA and we're now looking at a 40 billion loss

Is every asset management company supposed to sell at the very peak? Are you saying that NAMA should have sold nothing at all until now and should still be hoarding because we may not be at peak now?

Can you imagine the political pressure to release property now of they were still hoarding?

Thar said individual transactions should indeed be looked at.

Berserker

fergiesfolly wrote: »

https://www.breakingnews.ie/ireland/report-claims-nama-could-have-raised-extra-18bn-for-taxpayer-783145.html

The gist of the story is that Nama could have recouped an extra €18 BILLION for the Irish taxpayer.
But didn't because they sold properties too quickly and cheaply.
There has to be some sort of legal accountability for this.
This should be headline news.
Where's the Richard Boyd Barrett's and Shane Ross' to speak up about this national disgrace.

There is no national disgrace to speak up about. If Nama had held onto those properties and the market had collapsed, you would be on here moaning about the fact that they didn't sell them and they have cost the taxpayer €xbn as a result. I have reservations about Nama but I wouldn't take any issue with them regarding the above. They chose to sell those properties, based on the information that they had at the time, not the information that some estate agent, according to the report, has now.

john.han

one property they dumped for 1.3m sold a year later for 13m, are they not good with decimal places?

Winterlong

Surely they could have checked the crystal ball before every sale?

diomed

myshirt wrote: »

This is along the lines of the old saying... if my aunt had balls, she'd be my uncle.

To judge NAMA fairly, you have to examine the quality of decision based on the information available to the board at the time, not information in hindsight and retrospect. This is Jim Corr stuff that's going on here.

True. I had a property to rent a few years back. No market and couldn't rent it out.
Now everyone's an expert and can't remember back more than a few months.

Jack the Stripper

After every recession is a boom, is everyone 12 years of age or what that they can't remember the last few.