NAMA set to pay developers

elcato said:
suggests that developers will be able to live the high life thanks to NAMA.
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I think most people would wonder why they even need modest living expenses rather than minimal, or simply the same as SW benefits. Pay them through a community scheme or similar.
 
elcato said:
suggests that developers will be able to live the high life thanks to NAMA.
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Er, try quoting the entire sentence:

"BAILED-OUT developers are set to receive salaries and expenses from NAMA, it has emerged, but the toxic bank last night insisted it would not be supporting lavish lifestyles. "

So, the paper is saying that developers will receive salaries and expenses. The bank denies these will be "lavish". That does not mean the paper was saying they were "lavish".
 
Hi,
can anyone shed any light on the question I asked on this?
i.e. this is hypothetical I know... but..

Say someone in the top 10 has been defaulting on bank payments but at same time had been putting other assets/money aside.
Can we (i.e. Nama I guess) go after any assets/money that have been passed by that person to their relatives in the form of houses in their relatives names, pensions etc?
 
GoMayoGo said:
Hi,
can anyone shed any light on the question I asked on this?
i.e. this is hypothetical I know... but..

Say someone in the top 10 has been defaulting on bank payments but at same time had been putting other assets/money aside.
Can we (i.e. Nama I guess) go after any assets/money that have been passed by that person to their relatives in the form of houses in their relatives names, pensions etc?
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You can but it's difficult. You need to prove that the assets were moved with the sole intention of avoiding creditors.
 
Er, try quoting the entire sentence:

"BAILED-OUT developers are set to receive salaries and expenses from NAMA, it has emerged, but the toxic bank last night insisted it would not be supporting lavish lifestyles. "

So, the paper is saying that developers will receive salaries and expenses. The bank denies these will be "lavish". That does not mean the paper was saying they were "lavish".
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Incorrect. Any quotes in it from a NAMA spokesperson does not mention lavish. Answering no to a question from a reporter such as "Will this not mean the developer will have a lavish lifestyle thanks to NAMA" does not mean they quoted the word lavish, the reporter did. Lavish lifestyle is purely for sensationalism.
 
elcato said:
Incorrect. Any quotes in it from a NAMA spokesperson does not mention lavish. Answering no to a question from a reporter such as "Will this not mean the developer will have a lavish lifestyle thanks to NAMA" does not mean they quoted the word lavish, the reporter did. Lavish lifestyle is purely for sensationalism.
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You're indulging in semantics. The core issue is that NAMA are paying developers a salary/living expenses.
 
You're indulging in semantics. The core issue is that NAMA are paying developers a salary/living expenses.
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You started it ....

"BAILED-OUT developers are set to receive salaries and expenses from NAMA, it has emerged, but the toxic bank last night insisted it would not be supporting lavish lifestyles."

Which is the bit that is "sensational", exactly?
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Your original statement was

I'm not sure how NAMA can claim not to be supporting lavish lifestyles. Even developers who are currently in severe financial trouble seem to have no problem jetting to Marrakesh.
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canicemcavoy said:
The core issue is that NAMA are paying developers a salary/living expenses.
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No, the core issue with Nama is that it exists in the first place. The next issue is that they are actually entertaining the idea of making more loans to developers. If the developers cannot get funding on the open market then there is a very good reson for this, and the state should not second guess this credit-worthiness.
And the media are focusing on the inaccurate statement of salaries being paid by Nama to developers, and how lavish or unlavish these will be. Has anybody seen an indepth media analysis on what will happen when (not if) Nama fails? In the grand scheme of Nama, focusing on whether a developer will be able to pay himself €50k or €500k a year is completely irrelevant.
 
csirl said:
But, if these loans were still with the banks, the banks would not be paying for the project management.
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That's the whole point. That is why Fianna Fail set up NAMA in the first place, so they could determine what happens to their FF-friendly property developers. By transferring loans to NAMA (a FF institution), FF can ensure their pals are treated well end even provided with a salary, out of which they can continue to make contributions to FF.

Of course, every time I wrote about FF, a certain AAM moderator jumps to FF's defence. Wait for it..................
 
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