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NAMA FACES SIGNIFICANT difficulties in achieving its aim of breaking even for the taxpayer, according to an official Government report.
The special report from the Comptroller and Auditor General warns that the toxic bank faces “considerable challenges” to avoid making losses which could be in the billions.
Several major “risks” threaten the goals of agency, which has taken over loans with a face value of €74billion, the report said.
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Rental incomes from most developments are lower than expected, the report says in a summary of its findings, while other elements of some business plans agreed with developers had failed to succeed.
For six borrowers, 2011 rental income was around 26 per cent less than that projected at acquisition and, for this sample, only €8 million out of €10.5 million subsequently projected in business plans had been realised.
Nama has also recorded losses due to the ongoing fall in house prices. CSO statistics published today show that property values in Ireland have fallen by around one-sixth in the last year.
Overall the agency has received a total of €6.2billion in cash since its establishment, the report says. However, it warns:
Ultimately, the minimum target has to be to recover at least its outlay and costs from the interim management and ultimate disposal of the loan assets. NAMA faces considerable challenges in achieving this income goal.
Almost one in ten of Nama’s loans relate to ghost estates or other unfinished developments. Some 71 per cent of the loans are on completed buildings, while 20 per cent relate to land.
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Bullshit. Two thirds of developers with loans in Nama are on the payroll.
Mick Wallace hasn’t paid a cent of his debts despite court judgements against him, nama was set up to protect developers.
In a presentation to the Committee of Public Accounts in the Oireachtas this morning, NAMA revealed that it was paying two property developers managing “multi-billion euro portfolios” €200k a year and that between 110-120 are also on its payroll earning anything from €70-100k.
believe at your peril anything that this goverment or any of its arms or institutions say ,CORRUPTION is what has brought this country to its knees ,this country is in a death grip with organised crime .
these 3 storey apartments are right next to my home they look so out of place and have lost value of my home because of it.they should of never being build in the first place they are a disgrace and they are destroyed in the inside from being idol 4 years.i was disgusted when they got the go ahead to build them they block my sunlight and my privacy is gone hate them.
But it still plans to spend 2 billion, presumably to help it break even. What a sick joke. The largest state property in the world completely beyond democratic control and no one in government bats an eyelid. Where is the outrage of the smoked salmon socialists now? Don’t see Rabitte, Gilmore, Burton, and the rest out and about with some smart NAMA put down. Very unlike their opposition selves.
No surprise there once they flog off the assists outside of Ireland what are they left with? Could have told them that would be the problem when NAMA was set up.
It’s very hard to see how NAMA has been of any benefit. Its a huge new quango with lots of well paid jobs doing the work that was being done by bank employees. Now the bank employees are being laid off, the banks still aren’t lending, and the properties still haven’t magically fixed themselves.
as if we did not say that from the start,,, another government incentive for their mates,,, high pay, and look at the property they are running it from,,, why did they not run it from a small building they had on their books,, laughable ireland again at its worst,, ff, fg and labour should be left out to pasture, they have lost the plot in a recession
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