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Should NAMA be privatised NOW

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Comments

  • #32
    ardmacha
    Registered Users Posts: 7,476 ✭✭✭ardmacha


    Scouser wrote: »
    so what we gonna do with all this extra dough?

    http://www.irishtimes.com/business/economy/nama-generates-16-5bn-in-cash-1.1643498


    It isn't 'extra' dough, it is part of the backing for NAMA bonds moved from property to cash.


  • #33
    Scouser
    Registered Users Posts: 883 ✭✭✭Scouser


    ardmacha wrote: »
    It isn't 'extra' dough, it is part of the backing for NAMA bonds moved from property to cash.

    so who gets the dough?


  • #34
    Geuze
    Registered Users Posts: 13,032 ✭✭✭✭Geuze


    NAMA sells its assets, as planned.

    NAMA receives rental income and interest from other assets.

    It uses the cash rec'd to pay back the bond debts that it used to buy the assets from the banks in the first place.


  • #35
    noodler
    Registered Users Posts: 26,138 ✭✭✭✭noodler


    Nate--IRL-- wrote: »
    Wait, isn't it 51% owned by private investors already? The Government is the minority shareholder.

    Nate


    I am just flying through the thread to address this point so apologies if someone did already.

    Just to point out that the State having a 49% stake in the Special Purpose Vehicle in NAMA does not mean any profits have to be shared.

    The companies with the 51m (and hence 51% stake) in the SPV only get back their 51m plus a comparatively small interest payment.


    Apologies if this was not what you mean OP but I just thought I would mention it in case somebody saw it and thought we would get less than half the profits (if NAMA actually makes any!).


  • #36
    Xenophile
    Registered Users Posts: 4,068 ✭✭✭Xenophile


    Great to see that NAMA is now disposing of assets quite quickly.

    Foreign investors will bring new enterprise thinking.

    I hope NAMA have a fire sale it would do the country a world of good!

    The Forum on Spirituality has been closed for years. Please bring it back, there are lots of Spiritual people in Ireland and elsewhere.



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  • #37
    djpbarry
    Registered Users Posts: 13,104 ✭✭✭✭djpbarry


    Xenophile wrote: »
    I hope NAMA have a fire sale it would do the country a world of good!
    How?


  • #38
    Idbatterim
    Registered Users Posts: 17,840 ✭✭✭✭Idbatterim


    I saw the below in the independent earlier! whats the rush to sell when prices are rising in double digits every year?! they have sat on it long enough...

    http://www.independent.ie/business/irish/nama-agrees-18bn-project-tower-deal-with-blackstone-30267530.html


  • #39
    antoobrien
    Registered Users Posts: 6,106 ✭✭✭antoobrien


    Idbatterim wrote: »
    I saw the below in the independent earlier! whats the rush to sell when prices are rising in double digits every year?! they have sat on it long enough...

    http://www.independent.ie/business/irish/nama-agrees-18bn-project-tower-deal-with-blackstone-30267530.html

    Indeed, renting some of these properties for a while will generate extra cashflow and allow for other things that are not strictly in NAMAs remit e.g. helping local authorities with refurbishing boarded up houses to reduce the social housing waiting lists.


  • #40
    gaius c
    Registered Users Posts: 3,528 ✭✭✭gaius c


    Idbatterim wrote: »
    I saw the below in the independent earlier! whats the rush to sell when prices are rising in double digits every year?! they have sat on it long enough...

    http://www.independent.ie/business/irish/nama-agrees-18bn-project-tower-deal-with-blackstone-30267530.html

    What is the state doing dealing in property speculation?


  • #41
    antoobrien
    Registered Users Posts: 6,106 ✭✭✭antoobrien


    gaius c wrote: »
    What is the state doing dealing in property speculation?

    It's not a new thing that the state are involved in "property speculation", they have been since the state started building social houses.


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  • #42
    gaius c
    Registered Users Posts: 3,528 ✭✭✭gaius c


    That has got to be the feeblest deflection attempt I've seen all year.


  • #43
    Freddie Dodge
    Closed Accounts Posts: 194 ✭✭Freddie Dodge


    gaius c wrote: »
    What is the state doing dealing in property speculation?

    Once upon a time.....etc etc.

    Did you read the article or just the headline?


  • #44
    djpbarry
    Registered Users Posts: 13,104 ✭✭✭✭djpbarry


    gaius c wrote: »
    What is the state doing dealing in property speculation?
    As I said earlier:
    djpbarry wrote: »
    NAMA exists and is currently running a profit. It is in the interest of taxpayers that this return be maximised. Selling everything now does not strike me as the best way to do this. It would be a case of cutting off one's nose to spite one's face.
    Rather than questioning why NAMA exists, perhaps you'd like to contribute to the discussion of what should be done going forward?


  • #45
    Idbatterim
    Registered Users Posts: 17,840 ✭✭✭✭Idbatterim


    look, now that they are involved in "property speculation" the better return for NAMA ultimately the better for the taxpayer. It appears to me, to be an absolute one way street property price wise for the next few years at least. I dont get why they want to sell, when the recovery and thus property prices are gaining momentum... who benefits v selling later? Speculators that is all, but if NAMA are accused of being speculators, rather speculators who will benefit the tax payer than "speculators" taking risk sure thing and pocketing it for themselves...

    Deal of the century is how the battersea site was described, no bonus points for guessing it wasnt us on the receiving end of it! i would LOVE to know what someone would pay for that site now, look I'm not saying hold onto them indefinitely, but selling in the middle of a worldwide s**tstorm and particularly in Ireland when no one could get credit or there was only one bidder, doesnt make much sense to me...

    Mr Daly stated that: “We didn’t sell early, we sold at the right time. We sold that loan for £500m (€600m). So we got back the full value of the loan.”

    http://www.irishbuildingmagazine.ie/2014/03/04/nama-chairman-says-time-was-right-to-sell-battersea-site/

    say you have a couple wishing to downsize, if they dont need cash urgently, what kind of an idiot would sell to downsize, all things being equal, when their 500,000 property is rising in value at 10%, v the 200k property they want to buy also at 10%?!


  • #46
    antoobrien
    Registered Users Posts: 6,106 ✭✭✭antoobrien


    gaius c wrote: »
    That has got to be the feeblest deflection attempt I've seen all year.

    If you take all the properties rented off the various local authorities, it's probably the biggest landlord in the country, so yeah they've been involved in property speculation since the 50s (if not earlier).


  • #47
    djpbarry
    Registered Users Posts: 13,104 ✭✭✭✭djpbarry


    Idbatterim wrote: »
    Deal of the century is how the battersea site was described, no bonus points for guessing it wasnt us on the receiving end of it! i would LOVE to know what someone would pay for that site now...
    The Malaysian developer who bought that site outbid Chelsea FC for it. It wasn't cheap.


  • #48
    wowy
    Registered Users Posts: 709 ✭✭✭wowy


    Idbatterim wrote: »
    I saw the below in the independent earlier! whats the rush to sell when prices are rising in double digits every year?! they have sat on it long enough...

    http://www.independent.ie/business/irish/nama-agrees-18bn-project-tower-deal-with-blackstone-30267530.html

    NAMA needs to continue supplying assets to the market to sustain the existing demand and keep all the potential purchasers interested. If NAMA stops supplying assets and holds everything for the next, say, 3 years expecting a 25%-30% increase in values, all the would-be purchasers will just leave and invest in other markets in the interim. Releasing all the pent-up stock in 3 years will just flood the market (of which there are no more investors) and depress values further.


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