# Namawinelake Letter to the Oireachtas Public Accounts Committee re Management of NAMA



## onq (24 Oct 2011)

http://namawinelake.wordpress.com/2...-to-the-oireachtas-public-accounts-committee/

The gist of the letter is contained in this quotation -

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_"The accounts from NAMA, both the annual report and the quarterly  management accounts do not provide a level of detail which enables you  to assess how well NAMA is performing in its disposal of assets.

Specifically you cannot assess the following:_

_(1) The gross profit on the transaction – sale price less loan acquisition cost_
_(2) The net profit after consultant/adviser/agent fees, loan carrying  costs, foreclosure costs, tax on profit including potentially capital  gains tax_
_(3) Evidence that NAMA has marketed the asset – loan or property – so as to maximise profit (and generally the sales price)_
_(4) Evidence that NAMA has achieved the best price for a particular asset_
_(5) NAMA’s expertise to ensure the best price is achieved_
_(6) NAMA’s expertise to determine the best time to dispose of an asset_
_(7) Estimated carrying costs for a distressed loan or property [In  the UK, the standard assumption is 5% of the value of the asset in  insurance, maintenance, management and other costs]_

_There is a compilation of reported NAMA sales  on the NAMA winelakeblog but these are but a subset of NAMA’s total  sales -  based upon press/industry reporting, contacts and other  research – as NAMA does not report individual sales.__"_

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I don't know enough about NAMA's terms of reference, management or staffing levels to comment_,_ but some of the points echo my own concerns.
I'd be interested in hearing the views of AAM posters with some competence in this field.
I have no connection to this blog.


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## onq (25 Oct 2011)

Now Nama is engaging in below-cost selling!


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