Now is a good time for NAMA to have a fire sale.

Xenophile

It's time Nama had a "fire sale" for the assets on their books get what you can for them now that market sentiment right now is good towards Ireland and you can bet that there would be lots of overseas interest.

Slydice

A fire sale is never good for the seller.

With the amount which NAMA protects it's methods and information, it's hard to tell what their game plan is.

I think they either have no plan (which would be crap and suck for the country) or they are holding out in the (slim) hopes that property prices rise before they have to shut down in 2020.

They give the impression that they are holding out for better prices but I think there is a chance they are just milking the system for connected people (those who David McWilliams might call the insiders)

hfallada

Nama was set up to deal with bad debts in banks and purchase these loans below value. Then seek to recover as much money as possible. A fire sale would hurt the tax payer and achieve nothing.

The market in Dublin seems up be recovering so why sell at the bottom of it?

PhilMcGee

A fire sale now would be a bonanza for investors who have cash on hand to sweep up the good properties.

Norwesterner

NAMA has 4 billion in housing stock in the 6 counties.
They're not even selling this stuff, due to pleading from SF/DUP who feared it would cause house prices to collapse (I thought SF were in favour of affordable housing)
Meanwhile Irish taxpayers are being asked to take hit after hit, they're sitting on 4 billion of stock up North they're not prepared to sell.
That should give you an idea of how far off we are from firesales in the South.

NIMAN

How did NAMA end up with so much property in the North?

Surely they were set up to recover as much for the Irish taxpayer, they should offload everything they have in NI, they don't need to worry about NI house prices, its a different country. It may sound harsh but sod the NI taxpayer!

Norwesterner

NIMAN wrote: »

How did NAMA end up with so much property in the North?

AIB, I presume.
To be fair, most of it is fields in the middle of nowhere bought by canny developers hoping to duplicate what they were doing in the 26 counties.
What most people don't realise is that the falls in property prices in the North from peak to trough, has been even greater than in the South. circa 60%.
In fact a World record.
And they've still to get through the NAMA stock.

FF fell on their sword over the property crash, but for some reason the Northern media have not badgered SF/DUP for the same calamity across the border.

Norwesterner

https://namawinelake.wordpress.com/2012/08/22/northern-ireland-property-crash-probably-worst-in-the-world/

Pete_Cavan

NIMAN wrote: »

How did NAMA end up with so much property in the North?

Surely they were set up to recover as much for the Irish taxpayer, they should offload everything they have in NI, they don't need to worry about NI house prices, its a different country. It may sound harsh but sod the NI taxpayer!

NAMA was set up to take bad loans off the balance sheets of Irish banks, so I guess it didnt matter where the asset (or liability) was, as long as the loan was with an Irish bank. Cant see anything in the North ever recouping close to the discounted price NAMA paid for it.

NIMAN

Yeah I'd think NAMA will have to sit on any land it owns for a VERY LONG TIME in the hope that it might be worth something in the future.