Gavinsblog.com

Category: NAMA

  • Morgan Kelly

    I can’t really add much to Mr Kelly’s excellent analysis. What it says to me is that the next 12 to 18 months are going to be among the most difficult, if not the most difficult, time this country has faced. I encourage everyone to read the entire document. I will emphasise his conclusion: Despite…

  • More NAMA stuff

    Two good articles by IT journalists over the weekend. First up, Simon Carswell, via FoI: THE INTERNATIONAL Monetary Fund (IMF) told the Government that the definition of “long-term economic value” on bank loans in the draft Nama Bill was “masterful” as it was “sufficiently specific” and “sufficiently vague” to allow “appropriate flexibility”. Steven Seelig, an…

  • NAMA and risk reports

    [Crossposted to thestory.ie] I will post the document first and tell the story below, it’s worth a look. The information contained in this FOI, is I believe, valuable. Cost-benefit analyses, impact reports or preparatory reports for NAMA Why is this information valuable? It contains a timeline of what companies were involved in consulting the Government…

  • Reports prepared for NAMA

    Some time ago I sought the following information from the Department of Finance: 1) The titles, dates and authors of all cost-benefit analyses, impact reports or preparatory reports that have been carried out by the Department in relation to NAMA 2) The titles, dates and authors of all cost-benefit analyses, impact reports or preparatory reports…

  • Liam Carroll's web of companies

    [cross posted to thestory.ie] I’ve made a stab at tracking the web of companies that fall under the various Morston Investments companies. There are a number of curious facts about these companies, clues of which can be found in some of the locations and names of companies. The number after each company name is my…

  • Myths, Lies and Spin – NAMA

    [Via bostonorberlin on the Pin] We are all to blame, we are all to responsible, we all had our heads in the trough MYTH/LIE/SPIN 2,000 individual loans make up the €77 billion in toxic bad loans the tax payer is taking on. 150 individuals are responsible for €50 billion of the toxic bad loans the…

  • NAMA – a fraud on the taxpayer

    The Minister is assuming, for this exercise, that not only have we reached the bottom but we are about to bounce back. Yet he has not offered supporting evidence for this. It is extremely worrying that we are being asked to make this decision without access to proper evidence. This goes to the core of…

  • Michael O'Flynn vs Eamon Gilmore

    At the CIF annual conference today, a room full of developers sat down for some speeches. Eamon Gilmore gave one, and in the Q&A Cork developer Michael O’Flynn (famous for the Elysian development, still mostly empty) had two questions for Mr Gilmore: What does he think of developers? Why does he keep saying NAMA is…

  • What is wrong with Ireland?

    This will be a long post, so stay with me if you can: Countries are in a desperate economic situation for one simple reason—the powerful elites within them overreached in good times and took too many risks. Emerging-market governments and their private-sector allies commonly form a tight-knit—and, most of the time, genteel—oligarchy, running the country…

  • Sean Dunne's Icelandic debts

    Commenter FPL has pointed to a Wikileaks document I hadn’t seen before, and I believe has not received widespread attention. Full PDF (Dunne is on Page 128). It includes this page, which refers to developer Sean Dunne’s liabilities to Icelandic bank Kaupthing. The bank was sort of like Ireland’s Anglo Irish. It was nationalised last…