Ireland: Finance Minister Noonan rules out commission of inquiry into Nama for now

Noonan rules out commission of inquiry into Nama for now:

Minister for Finance says inquiry cannot circumvent Garda functions

Minister for Finance Michael Noonan has again ruled out a commission of inquiry into the National Asset Management Agency (Nama) for the moment.

Nama is a body created by the government in late 2009 in response to the Irish financial crisis and the deflation of the Irish property bubble.

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Ireland: NAMA Chairman to Get 70% Pay Increase

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RBS banksters dumping toxic assets on Ireland

EU allows Ireland to keep the cost of funding the National Asset Management Agency (Nama) off its budgetary balance sheet

Frank Daly Getting 70% wage increase

It has been confirmed that board members of the National Asset Management Agency are to receive higher fees for their work than originally planned.

Chairman Frank Daly will receive €170,000 this year, up 70% from €100,000.

The other six members of the board will receive a 32% increase in their fees, up from €38,000 to €50,000.

The information is contained in a reply from the Minister for Finance to a parliamentary question asked by Sinn Féin Finance spokesman Arthur Morgan.

‘They should receive the remuneration that was indicated originally. The Government cannot justify pay cuts for some people but incredible an 70% pay increases for others,’ Mr Morgan said.

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RBS banksters dumping toxic assets on Ireland

Here is what I said in October:

“Fear won! The New World Order won. The people will lose.”

It was an absolute insult that the people had been forced to vote again:

What part of Ireland’s ‘no’ does the EU not understand? (Guardian)

Aren’t you glad that you’ve got the ‘correct answer this time’ and voted ‘YES’ Ireland?

Ireland Votes 67% In Favor Of Lisbon Treaty -Final Count (Wall Street Journal)

Now you will pay!

Hester stirs diplomatic row by using EU rules to force Dublin into accepting £7bn bad loans


ROYAL BANK OF SCOTLAND is poised to spark a diplomatic row with Ireland by attempting to dump £7 billion of toxic loans into the Irish “bad bank”.

Stephen Hester, the RBS chief executive, is expected to lodge an application to join Ireland’s National Asset Management Agency (Nama) within the next few weeks through its Ulster Bank subsidiary.

Irish officials are said to be furious about the plan, however. The Treasury had previously reached a “gentleman’s agreement” with its Dublin counterpart over their bailout plans.

The Treasury had agreed that no British banks would apply to use the Nama as long as no Irish banks tried to join the parallel UK programme, the Government Asset Protection Scheme (Gaps).

This was agreed to make it easier for taxpayers in both countries to stomach the deal. Under EU rules, Ireland is legally obliged to consider RBS’s application to join the scheme.

The Irish officials had no idea RBS was considering using the Nama scheme until Hester alluded to the possibility in a conference call with analysts two weeks ago. His comments came after the bank confirmed plans to place £282 billion of assets into Gaps — some £40 billion less than originally planned.

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EU allows Ireland to keep the cost of funding the National Asset Management Agency (Nama) off its budgetary balance sheet

WTF! What is the point of having a balance sheet then?

Related articles:
Ireland says “bad bank” to be off balance sheet (Reuters)
NAMA’s €54bn purchases won’t be counted as national debt (Irish Independent)

Nama to fall outside national debt

NAMA: EU stats body makes decision

The European Commission is to allow Ireland keep the cost of funding the National Asset Management Agency (Nama) off its budgetary balance sheet, Minister for Finance Brian Lenihan said today.

Mr Lenihan said the Commission had accepted that Nama should be recorded outside the general government sector in the national accounts.

The decision by Eurostat means Nama will not increase the general government debt ratio and Ireland’s budget balance will not be directly affected by Nama.

“The preliminary decision of Eurostat means that the acquisition of the assets from the financial institutions by Nama may be treated as off-balance sheet in the budgetary arithmetic under European national accounting rules,” Mr Lenihan said in a statement.

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