Where have all the performing loans gone?
August 7, 2010 by namawinelake
The last two weeks have seen suggestions that perhaps as much as €8bn of largely performing loans that were NAMA-bound will no longer come within the agency’s control, which would be very bad news for NAMA’s finances.
First we found out that NAMA had agreed not to transfer Paddy McKillen’s loans pending the outcome of Paddy’s judicial review proceedings which are scheduled for October 2010, though with appeals, could take considerably longer. This week we learned Paddy’s Metrospa Limited has sold a property on Old Bond Street in London for GBP £18.2bn and also that another of Paddy’s companies Maybourne has been “inundated” with expressions of interest to provide finance that might redeem the €600m-odd Anglo and Bank of Ireland loans apparently outstanding to the group. Come October, Paddy mightn’t have any NAMA eligible loans. Paddy has assured us all his loans are performing. Paddy has an estimated €800m outstanding to Anglo alone and exposures with at least one other NAMA bank.
full articel http://www.namawinelake.wordpress.com
We are slowly been subjected to a gradual change of what NAMA was supposed to be
With the siphoning off the entire choice bits (performing loans) and leaving the toxic stuff in NAMA for the taxpayers, don’t be surprised to hear calls from the Insiders for a new bank and guess who will have a major share holding of this New bank why our old corrupt pals in Allied Irish Bank, Irish Life and permanent and Bank of Ireland
This will conclude the socializing of all the toxic assets and the privatisation of the profitable assets
This is stealing on a massive scale and no one will do a thing about it
Or will they?
stop this wholesale fraud now.