The thickening plot of NAMA

ART6

I read an article in a paper a couple of days ago that the government has decided that NAMA has to be owned and managed by a limited company in order to keep the debt off its balance sheet, or otherwise it will breach the EU fiscal rules on government debt by a country mile. However, the writer then said that the EU Commission has insisted that the company must be listed and its shares must be available for purchase on the stock exchange to conform with EU competition rules. That means that in theory there is nothing to stop the banks using taxpayer's bail-out money to buy the shares, and thereby to take control of NAMA. They could then set the value of assets to be purchased from them by NAMA using even more taxpayer's money, and Brian Lenihan's insistance that he will set the values would be meaningless. It was even said that there would be nothing to stop the banks appointing Sean Fitzpatrick as CEO.

I am no economist, and I have no idea if that is true, but if it is then Ireland is indeed an asylum run by the inmates. Anyone know more about this? Clause 9.2 in the government's published consultation document seems to imply that it might be true:

http://www.finance.gov.ie/documents/pressreleases/2009/bl103drftleg.pdf

"(2) NAMA shall be a body corporate with perpetual succession. NAMA has power to sue and be sued in its corporate name and to acquire, hold and dispose of land or an interest in land, and to acquire, hold and dispose of any other property."

Also:

http://www.nama.ie/Publications/2009/EurostatDecisionPressRelease.pdf

"This has the very important effect of putting the treatment of the Irish asset protection scheme on an equal footing with bank support schemes in other member states, which are also being recorded off-balance sheet. The operations of NAMA will be treated in a similar way to the French scheme, which also uses a special purpose vehicle with majority private ownership. The Board of NAMA will hold a veto on the operations of the special purpose vehicle through the shareholding agreement.”

ei.sdraob

you know whats even more funny

the government already owns all the land in Ireland

technically someone here doesnt "own" the land its a freehold

In 1921 the feudal ownership of 26 counties of Ireland was transferred from Britain to the Irish State, and this system remains in place today. The Irish State is in effect a feudal landlord and nobody in Ireland owns their own property.

theres an interesting thread here > http://www.thepropertypin.com/viewtopic.php?f=4&t=26140

ART6

ei.sdraob wrote: »

you know whats even more funny

the government already owns all the land in Ireland

technically someone here doesnt "own" the land its a freehold



theres an interesting thread here > http://www.thepropertypin.com/viewtopic.php?f=4&t=26140

I really wish you hadn't pointed that out. Now I'm sure I'm living in a madhouse:p

Liam Byrne

ei.sdraob wrote: »

you know whats even more funny

the government already owns all the land in Ireland

technically someone here doesnt "own" the land its a freehold



theres an interesting thread here > http://www.thepropertypin.com/viewtopic.php?f=4&t=26140

Sure we all owned eircom via the fact that it was a semi-state paid for with our money, and they managed to convince some people to "buy" that, too!!! :rolleyes:

LostinBlanch

Well you have to ask who these investors are going to be?

My bet is on the banks.

The more we see of this stinking mess, the more it makes Joseph Stiglitz's comments about NAMA being a criminal venture seem tame.

Oh and the Greens have lost their fig leaf of a levy on the banks which was widely credited as the main reason their members voted for NAMA in their fictional programme for govt :rolleyes:

SkepticOne

LostinBlanch wrote: »

Oh and the Greens have lost their fig leaf of a levy on the banks which was widely credited as the main reason their members voted for NAMA in their fictional programme for govt :rolleyes:

Which in fact was a government proposal initially. It was dropped prior to negotiations with the greens.