BREAKING: Nama to acquire property loans at 47% discount

Stacy Summary: h/t @Danny.  Your thoughts??

81 comments on “BREAKING: Nama to acquire property loans at 47% discount
  1. gussy says:

    @Max, bit of a understatement.

  2. Danny says:

    Watch Irish news coverage here.

  3. JT says:

    f*ckin bastards….. I’m getting the f*ck outta this kip!!! Ireland is a joke, seriously, all these bastards in power ruining the country!!!!

  4. stacyherbert says:

    @JT – at least it’s better than the 100 cents on the dollar that the US taxpayer paid to most of their banks, including AIG counterparties for purely fictional paper

  5. gussy says:

    @Danny, sorry to be pedantic but shouldn’t that be ‘watch state sponsored propaganda’.

  6. maxkeiser says:

    16.43 The Financial Regulator has said banks must achieve a level of 8% of core tier 1 capital by the end of this year.


  7. Danny says:

    “If the loans aren’t what they seem, {led to believe} NAMA make impose a 100% discount”


  8. AM says:

    47% x 0 = 0… As I see it; the prices were artificially high when governments bailed the banks assets out and now pretend this is a good deal? got ‘suckered’ in again (in a parody form it would be a second hand cardealer who says; this is a deal you possibly can’t refuse).. Beside no prosecution, increased wealth-income gap/poverty, inside trading, fraud, more ponzi scheme’s still low interest rates/free money for only speculators and a destroyed economy.. All the same rhetoric; health care debate about costs/cuts or even about providing service not about war/banksters/private FED etc.. Bono/billionaires who fight poverty, Obama who continues bush unconstitutional behaviour and fights war for peace and so on; In the words of george carlin “It’s all bullshit and its bad for ya”

  9. Phil /Germany says:

    UN to shut Pakistan offices over Bhutto report

    …”It’s a precautionary measure to avoid any unwanted situation that may occur after the publication of this report, for the safety and security of staff members,” she added….

    I read her book some 15 years ago .. very enlightening.
    Her #1 priority was to getvthe CIA …. OUT OF PAKISTAN !

    I wonder what that report will say ?
    Radicals I expect … not a PTB plot … which is why they expect rioting IMO .

  10. SuperGeek says:

    ‘scientists have identified a region in the human brain which is responsible for a person’s ability to resist temptation’

    ‘Scientists discover moral compass in the brain which can be controlled by magnets’

  11. JT says:

    @Stacey, good point and I don’t disregard that fact.

    Just a very hard pill to swallow in such a small country and having to pay it back tru taxes while these former speculation/construction guys keep their wealth and get off scott free!

  12. gussy says:

    @Max, The Financial Regulator has said banks must achieve a level of 8% of core tier 1 capital by the end of this year, that sounds bad (the laugh gave it away) what does that mean to the likes of proles like me.

  13. AM says:

    @Phil /Germany As long the people in Europe/America don’t even know who she was and the things she said the situation could be used as propaganda; Look at all those ‘wild’ people rioting in a country with nuclear weapons (delivered by europe/US of course but no one seems to mind that sort of details, same as physics don’t count etc.)

  14. Danny says:


    Sunday November 15 2009

    Madoff sent client funds through Anglo Irish Bank

  15. JT says:

    @gussy , lol, my thoughts exactly!!

  16. Danny says:


    Right, where we going? What about Paris, Max might need a personal shoe shiner

  17. Daniel /Istanbul says:

    Accidentally clicked an advert for Allied Irish Bank.
    It says, “Mortgages for sale”. There not even pretending your actually acquiring a house any more.

  18. Danny says:

    Lenihan is on. Que bullshit.

  19. JT says:


    Just lost one job in the private sector (swedish telecomms company!)

    Lost a second job in public sector (part time in the evening) took then to the Labour Relations Commission and will find out if I get my job back within the next 4 weeks.

    So if no joy there, I’m off to Oz to follow my bro, who’s emigrating this sunday with 17 of his mates who are already there.

    I have a honours degree, 2 masters, just finishing my MBA and not a f*ckin job to be found anywhere.

    Why can we get french lessons!!

    Let them all eat NAMA!

  20. Mother Earth says:

    Why don’t the Icelanders sell swap all their houses and let their bank write mortgages for say 200 billion which they can then sell to the UK (We want Bjork)

  21. Phil /Germany says:

    @Larry … DDR ( older thread )

    Were you just visiting the DDR, or did you live there ?

    I remember my trip to Hungary in 1982 during February.
    2 meters of snow.
    The Hungarian people were fantastic … real fun people to be with.
    I drove there in a Porsche 911 Targa with a Canadian friend who had relations there. His friends asked me if they could “clean my car” !
    I said yes , of course.
    The next day , I looked in the garage to see that they’d taken the whole damn thing apart .. gearbox, motor, EVERYTHING !
    GULP 😉
    I tried remaining calm and said we have to go back in a week, will they be able to put it back together again ?
    They laughed at me … and in 2 days, they’d REALLY CLEANED the WHOLE car .. amazing people !

    Apparently Hungary has great engineers and had a great motor industry.
    The Russians would take everything they made back to Russia.

    What a difference being poor makes … wonderful people … really !

  22. Danny says:


    Load of my buddys are gone to Oz too with mixed results. Considering Steve Keens view that the property bubble may blow there soon, I dunno. I’ve still my job here with a regional newspaper. I might stick it out and just keep buying gold and silver. I’m not sure there’s anywhere to run to in the long run; and all want to go home when they feel threatened or scared.

    But good luck pal

  23. Phil /Germany says:

    Catherine Austin Fitts on Coast-to-Coast

    Mentions …. Advert for a Dog-Kennel Assistant at minimum wage…
    260 Applications including Lawyers, Accountants etc.

  24. EB says:

    Nama rhymes with Obama…hmmm…

  25. x says:

    In economics, the majority is always wrong.

    John Kenneth Galbraith

  26. TJ says:

    @ Danny

    How clever do the Irish feel now for passing the Lisbon Treaty?

  27. EB says:

    Danny: Just remember what the New Zealand Prime Minister said, when he was asked by the press about the brain drain caused by New Zealanders emigrating to Australia…

    ‘Well’, he said, ‘It should raise the IQ of both countries…’

  28. Danny says:


    I’m not sure what you mean mate, please explain.

  29. gussy says:

    Just listened to Lenihan, unbelievable, resolution of the crisis my arse, he acknowledges the recklessness of the banks, what about his, he fuckin’ guaranteed them, useless tool. 45% ‘haircut’ after DUE DILIGENCE talk about taking the mick. The ‘new capital required will not be the bare minimum’, he’s reaching deep into our pockets. All delivered with a straight face, full value for the state.
    An utter cunt, surrounded by a shower of propers cunts, through and through.

  30. Danny says:

    1 Nama will acquire over 1,200 individual loans with nominal value of €16 billion for a consideration of €8.5 billion, an average discount of 47 per cent.

    2 It transferred an initial tranche of loans from Irish Nationwide Building Society and EBS Building Society yesterday.

    3 The Agency will transfer the first batch of loans from Bank of Ireland on Friday, April 2nd.

    4 The first tranche of loans from AIB and Anglo Irish Bank are expected to be completed by early April.

    5 Transfer of remaining loans from all five institutions is expected to be completed by the end of the year and no later than end February 2011, a deadline set by the European Commission.

    6 Nama anticipates it will purchase loans with a nominal value of €81 billion.

    7 Nama will pay AIB €1.88 billion for loans worth €3.29 billion, a discount of 43 per cent.

    8 It will pay €5 billion for €10 billion of Anglo Irish loans.

    9 Bank of Ireland will get €1.26 billion for loans worth €1.93 billion.

    10 Three institutions will invest €17m each for a 51 per cent shareholding in National Asset Management Agency.

    11 The investors are Irish Life Assurance, New Ireland and major pension and institutional clients of AIB Investment Managers (AIBIM).

    12 Nama will hold the remaining 49 per cent but will have a veto over all decisions that are not in accordance with the objectives of Nama as specified under the Nama Act.

  31. EB says:

    @Max : Andrew Maguire specifically using your term “Financial Terrorist”…it’s getting into the lexicon…

  32. lol says:

    Where is new Keiser Report?

  33. JT says:

    @ Danny,

    Cheers, I am in total agreement with you re Oz and Steve Keen’s view, but just gotta keep moving on I guess.

    Re NAMA…just watched Lenihan…disaster….Anglo may need an extra 10 billion…WTF!!

    WHAT A SHOWER OF F****** B*******

  34. TJ says:

    @ Danny

    Having voted NO correctly the first time around, the Irish were led to believe that if a YES vote was returned the second time around, Irish financial problems would be over. As is now known, the ballot boxes were filled with YES votes two days before the official vote/count, as a result the world the world was told the Irish people had voted YES.

    Unfortunately, they didn’t demand that the rules of spoof should apply so that the best of three elections would determine the outcome. Then to Ireland’s horror and dismay, the commissars in Brussels welched on their deal and have left Ireland wallowing in a sea of debt.

    Out of interest, did you bother to vote? and if so in which direction?

  35. Danny says:

    Voted No; twice.

  36. lol says:

    ty @Danny

  37. Phil /Germany says:

    @TJ … Irish Vote on Lisbon was “fixed” IMO

    I followed this tick-by-tick.

    On Friday night, the Result was a CLEAR NO !
    Even the Irish PM admitted defeat !

    Then on Saturday, they “delayed” the result … and guess what … a BIG NO was suddenly an OVERWHELMING YES:

    Here is the data from Friday night … which I manually counted using the link :

    County … Yes / No

    Donegal1 35 65
    Donegal2 36 63
    Sligo 43 57
    Mayo 38 62
    Galway W 46 54
    Galway E 47 53
    Clare 52 48
    Limerick W 44 55
    Limerick E 46 54
    Kerry N 40 60
    Kerry S 42 57
    Cork SW 44 56
    Cork NW 46 54
    Cork SC 45 55
    Cork NC 36 64
    Waterford 46 54
    Tipperary S 47 53
    Tipperary N 50 50
    Kilkenny 50 50
    Wexford 44 56
    Wicklow 50 50
    Kildare S 49 51
    Kildare NS 55 45
    Kildare N 55 45
    Offaly 56 44
    Longford W Meath 46 54
    W Meath 44 56
    W Meath 51 49
    Louth 42 58
    Cavan 45 55
    Roscommon 46 54

    Dublin Regions

  38. TJ says:

    Well done you mate, what a fucking waste of time that was. So much for European democracy 😉

  39. FiatMentalist says:

    Do you think we’ve seen a top?

    Gotta look out for the bottom?

  40. sam says:

    hey guys,

    Body of Abu Dhabi sheikh found in Moroccan lake

    honestly, it’s the safest way to travel.

  41. x says:

    re: maguire allegations of gold price fixing

    the conventional wisdom seems to be that if/when this becomes widely known, the price of gold will shoot up to eg $7,000/oz

    if only life was so simple

    the collapse of confidence in ‘paperized’ gold – forcing every buyer to actually take physical possession – could instead lead to a major reduction in the demand for the substance

    beware conventional wisdom
    (see Galbraith above)

  42. Phil /Germany says:

    @TJ .. great find … Ashton

    Dan Hannan ( MEP ) really hates her … great guy BTW.

    …DanHannanMEP — 10 February 2010 — Following complaints from french diplomats that Baroness Ashton was unsuitable as head of the EU’s External Action Service because she could not speak french, Daniel Hannan made this speech in Strasbourg, criticizing the appointment of the Commission as a whole….

    What’s wrong with the European Commission

  43. Youri Carma says:

    @Phil /Germany

    IRA was deeply infiltrated by the British Secret Service goons for False Flag terrorism attacks against the population blaming it on IRA!

  44. Youri Carma says:

    Aaha ! Alex Jones just said:

    “For whom you think it’s the next level of paint ball? It’s Not!

  45. FiatMentalist says:

    Ok no messing around now, heres the sleaze straight up

  46. Gerard Dumenil, professor of Economics (U of Paris)
    on the Real News talking about
    The crisis of neoliberalism

    This looks to be a multi-part interview, but the next part won’t come out until tomorrow, I assume…
    but his french accent is outrageous !!!

  47. Marc Authier says:

    Ireland is a cesspit. Like a certain author once said, Hemingway I think: “Shit always float and goes to the top.” Ireland is one fine example of the phenomena described by Heminway. In Ireland shit is at the top.

  48. This is like a long standing comedy series. Its funny for a long time, and than it begins to lose its zing. Im finding it hard to laugh anymore. Time to take a media fast. Off to the Greek Islands for 3 weeks . When I come home, I hope, to get my sense of humor back. see ya son Yall

  49. Dedo says:

    ” In simple terms, if the original stockholders contributed $100 to buy their stock and the Bank has made $10 in retained earnings each year since, paid out no dividends, had no other forms of capital and made no losses, after 10 years the Bank’s tier one capital would be $200. Shareholders equity and retained earnings are now commonly referred to as “Core” Tier 1 capital, whereas Tier 1 is core Tier 1 together with other qualifying Tier 1 capital securities.”

  50. Bonn says:

    Anotter form of quantitative Easeing (how ta F@#k ya spell tat)
    ROFL Cheap Form I might add ( Dam Google fer makin me lazy and screwin me spellin )
    Hic 😉

  51. Bonn says:

    Spreadin Liability

  52. Bonn says:

    Spreadin Deluge !!!

  53. Bonn says:

    Tryin to make ta Ice thicker !!!!

  54. Dedo says:

    @Bonn,…you ever thought of bean a teetcha,..: )

  55. Bonn says:

    Crap I tot Deluge was crap
    But me arguement still holds wata
    Hic 😉

  56. Bonn says:

    @ Dedo
    Yup I do Like Kids Use ta teach some of ’em Golf along wit World Geo-Politics fer Free Cause I enjoyed it too
    But now on me “Road not taken”
    Hic 😉

  57. Bonn says:

    Taken ? troden ? tradin ?
    Hic 😉

  58. Jeff S says:

    Whistleblower Andrew Mcguire states Gordon Brown gold sale and PM manipulation is “financial terrorism” in interview with Eric King.
    The interview is at ZeroHedge at:
    Start at 35:35 of the audio file.
    This interview is absolutely earth-shattering.

  59. Phil /Germany says:

    @Jeff S … Thx Jeff .. much appreciated . Listening to whole audio now.

  60. Bonn says:

    @ TJ
    Oooh yes I know all about him n his Likes
    Tey all front page NEWS here
    Tats Why when Youri Said hows ta spiritual stuff in India
    I said Ferget it Its all a Scam
    All tees buggers want is SEX Free Sex Reverse Prostition
    Ya pay ’em to get spiritual Enlightenment Bull crap

    When I see tees F23k faces I wish I had a baseball bat
    Oooo One swing Plz just one

    I have repeated on tis SITE dont put any Fucker on a pedestral
    or yas gonnas get fucked analy annualy monthly
    No body is above yas “we all equales!!!!!!!!!!!!!!!!!” – Bonn

  61. Happy Dick says:

    @Fiatmental—- Top and Bottom

    You have got to be kidding … that material is inappropriate!

  62. Bonn says:

    Sorry fer ta profanity tears no otter way of drivin it hard enuff as a point
    Hic 😉
    Well of ta Poker
    Bye Y’all

  63. Happy Dick says:

    Obama’s Civilian Army is now LAW and is Funded via health care bill

  64. The Dork of Cork says:

    I think I will go down to the pub and discuss the political / economic travails of this great little nation

  65. The Dork of Cork says:

    Ladies and gentlemen put your hands together for our esteemed minister for finance

  66. The Dork of Cork says:

    sorry about that but I am suffering from malnutrition here and motor skills are not what they were

  67. Paper Gold is leveraged 100:1 ❓

    😆 😈
    The system is DOOMED!!!!

  68. Kjr says:

    Giuseppe Bagodonutti

    “Gerard Dumenil, professor of Economics (U of Paris)
    on the Real News talking about
    The crisis of neoliberalism

    IMO opinion he does not understand the issue. Neoliberalism is just an ideology, where they don’t make difference between earned and unearned incomes. But just the opposite. The economy is a horse race, where the food of the horses is a cost and toto wins earned incomes and wealth.
    The reason for financial crisis is housing market. Then we are talking about unearned incomes and neoliberals have no clue what is going on. We should not blame the banks doing their “thing.” We should blame the “middle class”, the wannabe landlords at all costs, who wanted and still want banks do excatly the same thing over and over again. Actually we should blame the education, that brainwashes best minds into this ideology.

  69. gussy says:

    What to do with my impotent rage?

  70. Marc Authier says:

    Recent Washington Post survey

    53 percent of Americans think that the government is “run for the benefit of the people.

    Hey you all.

    Don’t have to be a “fuckin asshole” irish catholic or a russian slave slob to believe in the government statist religion.

    Don’t have even to live in a “communist” state. United Snakes of America suffices. Sad indeed. These Americans and Irish and Britishiters should know better. The state is controlled by fuckers.

    And six months from now Nostradamus Authier can announce to all of you that another “bailout” of these social welfare Queen bitches called banks will happen again ! And again. And again. And again. Till death does us apart.

    Bubbles aren’t free. Easy financing has a prohibitive price when you think of it. “Pay me now or pay me later, the choice is yours.” It’s payback time for Ireland, the new Iceland.

  71. Marc Authier says:

    A little reminder. WE ARE ALL GREEK AND ICELANDERS.

    It’s just a question of when. In the case of Ireland I would say probably in september or october 2010. Let’s say the Irish are slow motion Icelanders or slow motion Greeks. Greece without the heat, the sun and the superb Mediterranean and the good food good for your heart.

  72. Chalcedonite says:

    “The Good Life” = justice. As justice is taken away the good life is taken also. The problem is not the physical health of the people or the creation. The problem is the heart. The people don’t really want justice. They must continue the legal thievery. They want to continue to steal legally … from foreigners, … from their children (their innocence and 22 bn Euro to AIB alone) … from creation, … from God, … they will even kill for the right, legally of course.

    From the USA to Ireland they all have no justice. They want the “good life” on their own terms; they want death.

  73. Seosamh OGallunai says:

    @Phil. That calculation is impressive Fair Play To You.

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