NAMA taking on foreign debt...

Bluefoam

I'm surprised that no one has looked into Naspa Dublin with regard to the recession and debt imposed on the Irish people...

They were moving bad debt from Germany to Ireland for years before the crisis... Just before the recession, their CEO was relieved of the responsibility of Money Laundering Officer, and a junior banker was assigned the position in their place.

Once the Lehman Brother issue hit, many of the German regional banks moved all of their bad debt to Naspa Dublin which was a subsidiary of the German Regional Naspa Bank. Naspa Dublin was then cut lose and established as an independent Irish entity... Shortly afterwards Naspa Dublin was folded and consumed by NAMA along with all of the newly acquired German debt.

Prior to that Naspa Dublin were trading and managing hedge funds, with a consistent turnover of about 16-20 million euros annually.

It would be in the countries interest to examine the case... I realise that there would be no desire politically, but maybe an investigative journalist might look at it...

Red_Wake

Is this something from your personal experience OP?

LeinsterDub

Are you contending anything illegal happened here ? Otherwise it's just another case of our regulator being asleep at the switch.

Bluefoam

I witnessed it from afar, it was conveyed to me as it happened. All I'm saying is that from my perspective Germany at a government level were fully aware of the pending recession (which they denied) and created a circumstance where their economy would be protected by strategically offloading debt onto Ireland, then benefited by loaning us money to pay for their debt... it may all be above board up until the point where they offloaded the debt to NAMA...

Jim2007

Bluefoam wrote: »

I witnessed it from afar, it was conveyed to me as it happened. All I'm saying is that from my perspective Germany at a government level were fully aware of the pending recession (which they denied) and created a circumstance where their economy would be protected by strategically offloading debt onto Ireland, then benefited by loaning us money to pay for their debt... it may all be above board up until the point where they offloaded the debt to NAMA...

What you're mate down the pub told you does not count...

As for the idea of the German government colluding with a Sparkasse to off load debt.... you clearly have not got a clue! It's about the same as claiming that the Irish government off loaded it's debt to the credit union in Castlebar!

Turning on ignore mode....

blanch152

Bluefoam wrote: »

I'm surprised that no one has looked into Naspa Dublin with regard to the recession and debt imposed on the Irish people...

They were moving bad debt from Germany to Ireland for years before the crisis... Just before the recession, their CEO was relieved of the responsibility of Money Laundering Officer, and a junior banker was assigned the position in their place.

Once the Lehman Brother issue hit, many of the German regional banks moved all of their bad debt to Naspa Dublin which was a subsidiary of the German Regional Naspa Bank. Naspa Dublin was then cut lose and established as an independent Irish entity... Shortly afterwards Naspa Dublin was folded and consumed by NAMA along with all of the newly acquired German debt.

Prior to that Naspa Dublin were trading and managing hedge funds, with a consistent turnover of about 16-20 million euros annually.

It would be in the countries interest to examine the case... I realise that there would be no desire politically, but maybe an investigative journalist might look at it...

I can't even find a conspiracy theory link to NAMA and NASPA which suggests that this OP is a load of rubbish.

Chips Lovell

Thread locked as OP has provided no supporting evidence for any of their claims. If they want it re-opened, they can PM me with same.