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Ireland - haunted by Ghost Estates - bank costs climbing - video report

The issue of ghost estates in Ireland is more than empty houses. It's a symbol of the country's descent from the Celtic Tiger leading the European charge of prosperity to a broken state, crippled by what most would agree was a universal greed: greed of consumers, developers and those who Irish people blame the most, the banks.

Dissecting Irish Zombie Banks

RGE Strategy View by Jennifer Kapila: The final quarter of 2010 looks quiet for most Irish banks, with the exception of Anglo Irish, which faces maturities totaling €1.6 billion. The balance sheets of the major banks have been sliced and diced to reflect transfers to NAMA, disposal groups and the longer-term continuing business. Market risk remains high, and near-term volatility will have a severe adverse effect on Irish names. Liquidity may be plentiful but margins are thin, interest-generating assets are shrinking and regulatory solvency is increasingly meaningless amid regulatory forbearance and regulatory change.

NTMA sells Irish bonds worth €1.5 billion at auction

The National Treasury Management Agency (NTMA) sold €1.5 billion of bonds in a monthly auction this morning, meeting its target of raising €20 billion in 2010 and is now fully funded through the first half of next year. In what was being seen as a key test of the market, there was plenty of demand for the securities despite recent turmoil. The agency sold €1 billion of eight-year bonds at an average yield of 6.023 per cent, compared to 5.088 per cent in June. Bids received were 2.9 times the amount allocated.

Ireland's Burial Plan for Anglo Irish Keeps Cost Question Alive

Irish Finance Minister Brian Lenihan’s plan for “finality” on the cost of bailing out Anglo Irish Bank Corp. has left one question alive: The cost. Lenihan said yesterday that Dublin-based Anglo Irish will be split into a so-called good bank, which will retain the lender’s deposits, and an asset-recovery bank, which will run down its loans over time. The central bank will determine by October how much new capital will be needed.

Lenihan set to face questions on NAMA

Minister for Finance Brian Lenihan is to appear before the Joint Oireachtas Committee on Finance when this is posted to answer questions on the proposed legislation to establish the National Asset Management Agency.

Ireland: Adviser criticises 'guess' on Nama loans

A special economic adviser to Minster for Finance Brian Lenihan has said a call by 46 economists for the National Asset Management (Nama) project to be reconsidered was based on a “careless use of numbers”.

Economist Alan Ahearne said a claim by 46 economists that the Government will pay significantly above market value for the bad loans advanced by the banks and would end up buying loans with a true value of €30 billion was a “terrible estimate, a guess”.

Making the Bad Bank Operational: The Logistics in Ireland

Outsourcing Valuation and Bad Loan Management back to the Banks which created them? Construction Companies too big to fail!!!

The NTMA (Ireland) and NAMA (The Bad Bank) - The Matter of the Pricing of Imparied Assets.

 

Breakfast at Lemon, Dawson StreetThe concern of my taxi driver in Dawson Street the other night was that both the US and UK authorities had considered the bad bank proposition and dismissed it, however Ireland has gone headlong for that strategic approach, "ah well" (he said) "sure, if they get this bit wrong in Leinster House, then we are all (bleep bleep)!!"

NAMA (the National Asset Management Agency) was first proposed in a report prepared for the Irish NTMA (National Treasury Management Authority) by Dr. Peter Bacon (apparently known as 'Rasher' to his friends). NAMA is the formal title of 'the Bad Bank of Ireland'; the original report (abridged version) which is interesting in its practical 'business-like' perspective, addressing the arithmetic of valuing impaired assets transferred from a banking system to a government vehicle & the implications therof on the capital position of the banks and on the consequent freedom or otherwise of the property market is available on the NTMA site here;- http://www.ntma.ie/Publications/2009/NAMAsummary.pdf

 

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