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THE NATIONAL ASSET Management Agency announced today that it has redeemed a further €1.5 billion of NAMA bonds. This is the fifth redemption of bonds to date and brings the total value of NAMA bonds redeemed to some €4.75 billion.
Of this figure, some €3.5 billion has been redeemed in 2012, NAMA said today.
In addition to €299 million in repayments made in 2010 and 2011 made to NAMA by the Minister for Finance when it was established, this means that NAMA has reduced its indebtedness by over €5 billion since its establishment three years ago.
Frank Daly, Chairman of NAMA, said that the agency continued to see strong inflows of cash from debtors in 2012. Cash is typically generated through the sale of property by debtors and receivers, through rental income from assets which remain under the control of debtors and receivers and through the sale of loans by NAMA.
Speaking today, he said; “Following today’s redemption and the prospect of a strong cash performance being sustained during the coming year, we are confident that we will meet our target of repaying €7.5 billion of Senior Bonds by the end of 2013.”
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Bravo, seem ta b doing a good job
No they are not. Open you’re eyes dum dum.
If by distorting the rules of normal business and engaging in a practice that is unprecedented in capitalism, then yes, yes they are.
Pity that it comes at such a cost to the Irish economy to indulge.
You taking the piss?
Paul, as John Mc Enroe used to say
YOU CAN NOT BE SERIOUS!
If I had tennis racket I’d be smashed it off the ground at that comment
Could someone who is qualified to translate please tell us what this means to the taxpayers, please?
It means nothing except that NAMA have flogged some property. Without knowing the book value of the properties sold that contributed to that ?1.5 billion the number means nothing really.
Means that they are paying the money that developers and banks borrowed to build property to senior bond holders. I think it’s a good thing in the sense if they didn’t the EU/ECB would land it on the shoulders of the taxpayer like they did to pay the other banking debt
What many don’t understand about Nama is that it is 51% privately owned. In order to keep its considerable debts off the sovereigns balance sheets, Nama was set up with the taxpayer stumping up the majority of the funds while the state has taken a minority holding.
In line with policy initiatives of this and the previous governments another farce built upon a farce has been established.
Ultimately, any profits are shared between shareholders while in theory so are liabilities, in practise taxpayers will ultimately absorb 100% of Nama’s losses, which are a certainty.
Opaqueness has been the uniformly maintained with respect to Nama, but it is well known that the 51% majority share is owned by the banks. Nama’s solvency, as with Ireland’s banks is an illusion. Both refuse to mark the value of their assets to market. Both will be found to be insolvent when they do.
http://namawinelake.wordpress.com/2012/11/07/minister-provides-comprehensive-details-on-sale-of-17-nama-stake-to-british-investment-group/
rory putting it simply we is getting mugged these boys would make cromwell and his lot look like amateurs.
The Nama bandwagon is still going strong. Just feeding the media spin. How can anyone respect an organization that doesn’t embrace transparency. They answer only to themselves. Basel III my arse.
Wait till they have to tart dealing with the bulk of their toxic assets. Selling hotels and shopping centres in London and Europe will make a profit but it is not the bulk of Nama’s portfolio.
The rule of law is worthless here than NAMA was even contemplated.
Lynch is correct, nama wanted to get they’re paws on London property ie mckillens claridges because they are top class properties.
they sell these now as Irish thicks can go “ah great, look at de profits”
there is a huge pile of garbage they are putting on the back burner.
it’s only gettin started folks.
It means these big wigs get a bonus which the taxpayer foots the bill for. They can now go to their Xmas party in the K Club and celebrate. They might even give out a few awards to the top brass for their outstanding performance throughout the year. In actual fact they will feel they deserve a salary increase next year based on this years figures. The gravy train keeps on going for some while others are jumping under trains with stress.
Absolutely nothing Rory.
So, in effect this doesn’t mean that we hand those billions straight back to the Germans or borrow less the next around. :(
Will NAMA ever collect billions so we reduce our loans? What about Quinns sale of a few bob and handing to the new Anglo. Can they even give that to the Germans??????
I’m not very good at this.
NAMA must spend a lot of OUR money on PR!
I think NAMA should as a matter of national interest disclose the quantum of property sold in a particular region … My thoughts on the matter is that the Crown Jewels are being sold (ie Uk property ) at the expense of domestic properties.
And that affects us how?
have your say