Why is Anglo getting NAMA money?

heebusjeebus

Sorry if this has been asked before but why is it that we will be paying 20 something billion to a bank we already own through nationalisation?
If we own the bank do we not also own its assets and loan book?

Thanks

HJ

irish_bob

heebusjeebus wrote: »

Sorry if this has been asked before but why is it that we will be paying 20 something billion to a bank we already own through nationalisation?
If we own the bank do we not also own its assets and loan book?

Thanks

HJ

to save those for whoom the rules apply different than for the rest of us

djpbarry

I think a more pertinent question would be why is Anglo still in existence and why is the state supporting it?

jprender

djpbarry wrote: »

I think a more pertinent question would be why is Anglo still in existence and why is the state supporting it?

I think Irish Bob's answer above is relevant to this question also.

Jaysoose

When I heard lenihan say that NAMA money was being put into Anglo Irish bank i thought to myself its time to get the emmigration process started, the goverment do not care what we think and to be honest the fact that half the fvckin TD's couldnt even be bothered to sit an debate on this is a fvckin joke and speaks volumes about how little they care about the irish people.

cdb

heebusjeebus wrote: »

Sorry if this has been asked before but why is it that we will be paying 20 something billion to a bank we already own through nationalisation?
If we own the bank do we not also own its assets and loan book?

Thanks

HJ

I'm certainly no economist so correct me if I'm wrong but from my (simplistic) perspective we initially pumped money into Anglo and by we I mean the Irish taxpayer, to keep it from going under.

The 20 billion from Nama is different in so far as it is intended to buy the bad loans off Anglo in order to allow the bank to effectively become a bank again. That is to lend money so that hopefully at some point in the future it can generate income and profit with which to pay back the states investment.

Of course the other option is to do nothing and either lose the money invested to date if it goes bust and all that that entails or hope that Anglo can somehow recover by itself which is highly unlikely.

jmayo

Jaysoose wrote: »

When I heard lenihan say that NAMA money was being put into Anglo Irish bank i thought to myself its time to get the emmigration process started, the goverment do not care what we think and to be honest the fact that half the fvckin TD's couldnt even be bothered to sit an debate on this is a fvckin joke and speaks volumes about how little they care about the irish people.

Why should they stay and debate it, it is a done deal thanks to government whip, the spineless greens and the independents having been bought off.

As regards caring for the IOrish people, half the Irish people couldn't give a rats ass until it actually hits them in the pocket.
Then we get all the whining from the masses on the Joe Duffy radio show.

Otherwise could you explain why bertie the great was reelected in 2007, even after it was common knowledge he had received a house under dubious circumstances and he had wads of cash and no bank accounts ?
Oh also he had misled the Dáil, the tribunals and chanmged his story more times than enough.

We get the politicans we vote in and we get the politicans that mirror our attitudes.

Jaysoose

jmayo wrote: »

Why should they stay and debate it, it is a done deal thanks to government whip, the spineless greens and the independents having been bought off.

As regards caring for the IOrish people, half the Irish people couldn't give a rats ass until it actually hits them in the pocket.
Then we get all the whining from the masses on the Joe Duffy radio show.

Otherwise could you explain why bertie the great was reelected in 2007, even after it was common knowledge he had received a house under dubious circumstances and he had wads of cash and no bank accounts ?
Oh also he had misled the Dáil, the tribunals and chanmged his story more times than enough.

We get the politicans we vote in and we get the politicans that mirror our attitudes.

Agree with this the point i made is that they cant even bother to pretend they care anymore and are laughing their fat pampered holes off at us plebs.

Dont start me on Bertie that man should be in jail rather than hawking his autobiography around the place trying to make more money the self serving cvnt.

I never voted for this shower.

is_that_so

djpbarry wrote: »

I think a more pertinent question would be why is Anglo still in existence and why is the state supporting it?

Huge deposits. IIRC they had €58 billion at the time of the guarantee and were offering one of the best rates. That and as we subsequently discovered their insidious tentacles were everywhere in our banking system. No-one knew what slicing off one would do to the rest of the system. NAMA may even offer the Govt a way to wind down Anglo.