Posts tagged 'Nama'

Repossessed at One Hyde Park: the Irish connection

There was just one detail missing from the exquisite tale of the repossessed flat now on offer at London’s most hideous luxurious residence. The owner.

Well — after perusing this “exciting opportunity” to own 988 sq ft of One Hyde Park — note the apartment number… Read more

Keeping Nama where it is

Ireland: Eurostat is withdrawing a specific reservation, expressed in April 2012, on the data reported by Ireland, relating to the statistical classification of National Asset Management Agency Investment Limited (NAMA-IL). On the basis of documents provided by the Central Statistics Office of Ireland, NAMA-IL is majority privately-owned, following the sale by Irish Life of its stake in NAMA-IL to a private investor. This is a necessary condition for a special purpose entity to be classified outside the General Government sector, pursuant to Eurostat’s decision of 15 July 2009 on public interventions during the financial crisis.

That’s from Monday’s Eurostat release on European government debts and deficits. Monday, perhaps not coincidentally, also saw names put on the announced sale of Irish Life’s 17 per cent stake in Nama Investment Ltd. Read more

Nama and El Nama

How far will Spain’s bad bank be like Ireland’s?

There’s a superficially similar structure. Read more

The (crumbling) walls of Nama: another Irish accounting reel

God, but Ireland must simply hate Eurostat. The pesky statistics agency keeps forcing it to recognise all of those expenses it would otherwise prefer to ignore.

And the agency is at it again. In a report released Monday Eurostat announced that Ireland was the proud owner of the biggest budget deficit in the euro area in 2011 – a deficit inflated by capital injections into the country’s broken banks. Read more

Dublin urged to sell toxic loans as job lot

A secret report into the operations of Ireland’s National Asset Management Agency, the state agency set up to purge Irish banks of their toxic property loans, has recommended that the government should consider selling it off as a single entity, reports the FT. The review, which was commissioned by the Nama board with the approval ofthe Fine Gael/Labour government that took power in March, has also called for a shake-up in governance in the agency and changes to how it manages its €31bn loan book. On Wednesday credit rating agency Standard & Poor’s placed Nama on creditwatch negative, indicating it is considering downgrading its creditworthiness.

Lenders move in on Battersea Power Station

Lenders to Battersea Power Station have moved to take control of the building, drawing an end to months of speculation about the latest plans for the derelict London landmark, the FT reports, citing people familiar with the situation. Lloyds and Ireland’s National Asset Management Agency will on Thursday notify Battersea Power Station Shareholder Vehicle (BPSSV), the holding company behind the Grade II listed building, that they intend take the site into receivership.  Real Estate Opportunities, the majority owner of BPSSV, has been seeking a partner to help develop the site, which it bought for £400m five years ago. Recent rumours have included takeover bids from Roman Abramovich’s Chelsea Football Club and a £262m offer from Malaysian property developer SP Setia to take over the senior debt. However, Lloyds and Nama, the Irish bad bank, which hold almost equal shares of a total £325m of debt on the site, are understood to have tired with REO’s failure to find a buyer, and plan to run an open-market auction process to try and offload the development.

For Nama’s eyes only

*The name’s Daly. Frank Daly. And I, representing the Irish National Asset Management Agency, will be attending the Second Annual Global Intelligence Forum, to be held in Dungarvan, Ireland on July 11-13, where I will be giving a keynote speech … on matters that are of no concern to you (and which will never be disclosed publicly anyway).

We’ll end with the Frank Daly impersonation there. Read more

Nama to step up sales of property in UK

Ireland’s National Asset Management Agency, the “bad bank” set up to take over the toxic property loans of the country’s banks, intends to aggressively step up sales of property backed by bad Irish debt in the UK, the FT reports. As part of an ambitious strategy to reduce its €77bn (£68bn) loan book by a quarter by the end of 2013, Brendan McDonagh, Nama chief executive, told the Financial Times he would push through the sale of at least €2.5bn of UK commercial property in the next three years.

Quick, to the MRO

Borrowing from the ECB’s emergency overnight facility has dropped from record highs — €15.1bn recently — to a more normal €1.24bn.

From an ECB release on Thursday morning: Read more

European liquidity and Irish handcuffs

Even with Ireland’s Fine Gael party leading in the polls — the market is pricing in a one in three chance of senior bank debt investors taking a haircut.

Why? Read more

Ireland’s (stylised) sovereign-bank loop

How to separate the fortunes of a nation from those of its failed banks has become one of the biggest questions to come out of the recent financial crisis.

And no more so than in Ireland — which has seen its off- and on-balance sheet liabilities rise with almost every added layer of bank bailouts and financial guarantees. And nowhere might that exercise prove more difficult, either. Read more

When Spanish bank property losses go Irish

At what point does Spain’s banking crisis look as bad as Ireland’s?

At what point do solutions to that crisis look as bad as Ireland’s? Read more

An update on NAMA

The National Asset Management Agency update from the Irish government is out and…

Well, we wouldn’t want to deprive you of the gory details so here they are (our emphasis): Read more

The €90bn Irish small caps

From the annals of slightly confusing Credit Suisse research headlines (underlining in red is ours):

 Read more

Patrick Honohan is an honest guy, redux

Or, honest Irish central bank governor vs. dishonest Irish banks.

Bank of Ireland and Allied Irish Banks shares plummeted on Tuesday: Read more

To rebuild an Irish banking system, part two

We’ve now well and truly progressed to the question not of when but of how much in bailout loans is needed for Ireland, so…

From a note on Friday, we’d point out the estimate of Barclays Capital’s Antonio Garcia Pascual and Pietro Ghezzi (emphasis ours): Read more

To rebuild an Irish banking system, part one

Routing international aid through the Irish sovereign to recapitalise Irish banks — this scenario isn’t if but when; and increasingly it’s no longer when but how, and how much.

And those last two questions (how and how much) are tricky ones to answer. Read more

Irish court to rule on ‘bad bank’ case

Ireland’s High Court will rule on Monday on a legal challenge to a state-run “bad bad” scheme that – if successful – could further complicate the country’s recovery from an unprecedented financial crisis, reports Reuters. Paddy McKillen, who co-owns Dublin’s Clarence Hotel with Bono and The Edge from rock group U2, has taken the first case against Ireland’s National Asset Management Agency to try and stop it acquiring around €2.1bn (£1.8bn) in loans secured on his assets.

Stiglitz takes down Nama

Spotted over in the Long Room — Joseph Stiglitz’s 44-page takedown of Ireland’s Nama.

But it’s not for the reasons you might think. Read more

Ireland’s Aa2 – and Nama’s – on review at Moody’s

Oh dear.

Less than a week after the Irish Finance Ministry unveiled its plans for the banking system, doth Moody’s strike. The credit rating agency says it will undertake a review of the country’s Aa2 rating — and that of its National Asset Management Agency — which could lead to a downgrade, most likely by one notch. Standard & Poor’s and Fitch already have Ireland on Aa-. Read more

‘D Day’ for Anglo Irish

Thursday is ‘D Day’ — D as in debt — for Anglo Irish Bank.

Not only is the Irish government expected to detail the fate of Anglo Irish’s senior and subordinated debt investors, as well as its bail-out cost estimates for the bank — it’s also the first day about €4bn of senior and €1.7bn of Anglo sub-debt will be floating around without a government guarantee. Uncanny timing, that. Read more

Ireland’s debt sale — well received, thank you very much

Results of Ireland’s highly watched bond auction are out, and the news is double-edged.

Yes, Ireland did get €1bn of 2018 and €500m of 2014 bonds sold, but the country had to pay handsomely to get the debt away. The yield on the 2018 issue came in at an average 6.023 per cent, while the average on the 2014 issue was 4.767 per cent. Read more

The Rock of O’Sisyphus

Have we been missing the Irish forest for the (ahem) Anglo Irish trees?

Uncertainty over how much the Irish government will have to fund Anglo Irish’s liabilities before it’s wound down has stalked the market recently. Read more

Ireland’s exteeeeended banking issues

So much, perhaps, for that scary September of bank refinancing.

Reuters reports that Ireland “signalled” on Wednesday, that it’s seeking to extend its guarantee of Irish bank liabilities, started in response to the late 2008 crisis. It’s the erm, obvious and simple solution, to the problem of a looming €25bn refinancing. Ireland’s Credit Institutions (Financial Support) Scheme is due to end in September. A smaller scheme has already been extended to the end of this year. Read more

Anglo Irish warns on state aid

Anglo Irish Bank, the Irish property lender nationalised last year amid  governance scandals, could require further state aid of €1.5bn-€2.5bn, Mike Aynsley, chief executive, told the FT. This is on top of the €22.9bn ($29bn) already received to maintain capital buffers as the bank absorbs losses on property loans transferred to Ireland’s National Asset Management Agency. Aynsley said the final cost would not be more than €25bn, despite S&P’s estimates last week of €39bn.Reuters adds that the escalating cost of dealing with Anglo Irish has raised the stakes for other Irish banks as they prepare to refinance debt piles.

Submerging Ireland: S&P cuts to AA- from AA

Oh dear. Standard & Poor’s on Tuesday night downgraded Ireland’s sovereign rating by one notch to AA-.

The rating agency said its outlook for the country was negative, noting the cost of supporting the ailing Irish banking sector would “further weaken [Ireland’s] financial flexibility.” Read more

Those increasing Irish haircuts…

Thought 61 per cent was a hefty discount for the second batch of Anglo Irish loans going into Nama?

What about 72 per cent for loans from the Irish Nationwide Building Society? Read more

Bond switching in the eurozone

The 10 year German/Irish bond-yield spread appeared on Monday to be racing back towards the levels last seen in May — before the European Union’s €750bn bailout package for troubled sovereigns was announced.

Here’s a chart of the action: Read more

Moody’s has a Monday morning downgrade for Ireland

Can we blame Moody’s Monday downgrade of Ireland — from Aa1 to Aa2 — on this man?

July 18 (Reuters) – Ireland may not have the political will to bring its budget deficit in line with EU rules as planned by 2014, the chairman of the smaller governing coalition member Green Party was quoted as saying on Sunday. Read more

Some Anglo Irish candour

Anglo Irish’s CFO Maarten van Eden has been testifying before a parliamentary committee hearing in Dublin on Wednesday.

Among his comments, Bloomberg reports he admitted the bank faced “horrendous” losses on loans it was transferring to the government’s so-called bad bank, NAMARead more