Thursday, 15 October 2009
Topics: NAMA, Brendan Drumm’s bonus
Participants: Robbie Kelleher, Peter Mathews, Paul Somerville and Fiona Looney.
Could it now be said that we live in a ' Banama Republic ? Ronan Gallagher, Lough Rinn, Mohill, Co Leitrim
For NAMA to succeed, property values need to increase. What commodity, gold, steel, coffee, etc. increases in value when it is in surplus? NONE!... So...As long as the assets, which guarantee the loans of the limited companies, set up by developers, remain unsold. Then property remains in surplus. (Would you buy property, as an investment, knowing that the NAMA dam may burst at any minute?).
What is going to happen is: as loans fail, the assets associated with the loans will be sold off, at a discount and the income will go to the exchequer to supplement day to day spending. This will continue until it is all dissipated and THEN property can recover. However, at the end of the day the state will still owe the Billions (referred to as "Paper" by the Minister), to the ECB. Chris Walshe, Ennis.
The NAMA business plan makes no sense! They are projecting that developers will repay €62bn in capital plus €12bn in interest or €74bn in total over the next 10 years. The only way any developer will be able to repay any money is by selling their assets. According to the NAMA estimates this property is currently only worth €47bn. To get to €74bn in needs to increase in value by 57%. The 10% quoted by the government a few weeks ago excludes interest and costs. James, Dublin
Pat Kenny is on 900,000 paid by the taxpayer, Drumm is on half that and carries far more responsibility on his shoulders. He is getting a raw deal with such negative media when rte should be in the limelight 4 ridiculous over the top salaries.
Joe public should be pushing all there T Ds and ministers 2 reject NAMA, if not NAMA will go through and we will all suffer for years.! It will not work. The dogs go the street no it at so do we. Frances , Dublin
Eamon Gilmore has it right homeowners know banks are waiting for NAMA legislation to go through then we are going to have lots of repossessions. Good luck Sheamus Kirk you will do us proud. Joan. Louth.
How can anyone suggest we should have kept the punt? Our bankers have proven themselves incapable of running a raffle you couldn’t give them a currency! John from Limerick
We should raise the Asgard and send the cabinet on it on its ultimate voyage
You've absolutely frightened the shit out of this viewer! Unfortunately at least 2 of your panel seem to be being realistic about the hole this country has dug itself into and we just keep on digging! Why don't yourself and George Hook take over? You couldn't make as much of a bollix as the current shower!
Back in the 80s the taxpayer bailed out AIB. Subsequently, AIB returned to making huge profits. Did AIB repay the money to the taxpayer? Tom
I have watched Fianna Fail run our country for 30 years and have never seen as much as a ten year plan. Why then should I now trust them with a 3 generation commitment?
You would think , listening to rational observers , that the only possible explanation for the NAMA disaster , is that Fianna Fail , supported by the Glasrai , deliberately intend to destroy the country . If they can 't rule us forever , they might as well leave a social and economic desert after them . Michael w
This is unbelievable stuff what’s the chance of a military coup i doubt Anyone else could make a bigger mess of it. Michael WALKINSTOWN
For the first time in months. The only person on your panel that has made any sense to the ordinary man is Peter Mathews. He really knows how to simplify things for the ordinary person.
Not surprised to hear the real story about NAMA. Even worse than what we have already feared. Definitely need a referendum on this. It can't be pushed through in this way. Helen
why isn't there a referendum on NAMA? We have had referenda on much less serious issues. Sean McNally.
Gobshite tax payer here' single dad with four children biz down the drain on FAS job now' doing the best i can who can i trust? And how do i explain to my kids that a small amount of people have ruined their future? And there nothing i can do for them!
Your show this evening reaffirms the dilemma who do we trust - i do not care to stomach any more of the Fianna Fail fallacious nepotistic hogwash - we need a new government end of - Tom Hobbes d22
Re. Prof Drumm. I'm livid. I had a letter today refusing me a medical card. I'm sixty, on job seekers allowance and earn 72 euro for working on Sunday. I'm on regular medication and am waiting for an appointment at the hospital to test for cancer. Talk about stress. Joe. Kerry.
We need a revolt in this country our government are making a laughing stock of us the boys are minding the boys with all the payouts and bonuses ? Its time we stood up for ourselves our government need to leave by example show us your pay cuts and pay back your over expenditure in expenses like England do we have no one in power in this country with balls to sort this ?
For the benefit of the initiated. A true Bank Balance Sheet reads as follows. On the left, nothing right. And on the right, nothing left. Now say 3 hail marys and 2 our fathers and pray for MANA from heaven.. or is it NAMA from heaven? A.Pleb
NAMA is the single worst idea since someone suggested buying a Government jet. Reckless speculation has got this country into the current economic mess. Gambling 54 billion euros of borrowed money on one institution to hopefully kickstart an economic beggars belief. Joe, Belmullet.
This country is a basket case. Irish tax payers inc. Is about to become the largest property portfolio owner in the world and we are about to decimate its value with taxation and dezoning measures while predicting a profit. In FAS we have a training body which needs to go on a training course, and to cap it all we are paying a bonus to the man who presides over the biggest national disgrace. Ken from cork.