NAMA has failed the taxpayer. NAMA is now turning into another tribunal in disguise but with the added bonus of non transparency. Frank Daly is now presiding over the biggest debacle in Irish financial history and now the IMF have their man Steven Seelig on the inside. Coincidentally it now has come to light that AIB lobbied NAMA to stop transferring loans under €20 million regarding 4,000 borrowers. This means that all associated loans these small to medium enterprises are involved in are now under NAMA control. This completely undermines AIB and will leave it with only cobwebs in its vaults. Brian Lenihan can only explain these actions as the madness of a man obeying IMF orders. This will be his legacy, the day he gave up Ireland to appease bankers and bondholders. The IMF are here and they are going to take everything, even if it means busting this country.
NAMA will never make the taxpayer any money back because now the advisors are in , legal teams involved and the money will be evaporated by these vultures. Nothing will be left for the people and this process will be dragged on until the life is sucked out of it. This is the bleed Ireland dry experiment and the IMF are over seeing it. The bottom line is that Frank Daly and his team have not been able to stand up to the elite developers who seem to have been afforded some kind of political protection. We are sorry but the Prime Time expose highlighted the fact that so many politicians appeared to have intricate links with the major developers. We believe Frank Daly, for the sake of this country and its children, resign his position and admit to the people that NAMA is not going to work. We plan to tender a letter t him, that will be published on here, with this request.
How the NAMA Board can stand by and watch the major developers who caused this crisis, transfer assets to family members defies reason. Frank Daly says these people are being dealt with but no evidence of this is being served up to his paymaster, the Irish taxpayer. These developers should have all assets frozen and all operations ceased. They are an affront to the Irish people and if to make things worse it now appears more abuses are emerging. Information has emerged that some developers are now involved in buying back some of their properties that have been heavily discounted and through newly established companies sell it on again for a profit. It has also been revealed that many of these properties have not been openly advertised, which is in itself strange if you want to maximize their retail value. If they have not been tested on the open market, how are NAMA determining that it is in the taxpayers interest to offload them at the very first offer? This is of no surprise as there is no transparency involved in the NAMA process. Information of operations should at all times be public knowledge. This is now turning into a rape case.
For the sake of common sense, we believe NAMA should be shut down, a Political Asset Bureau established to investigate political involvement with developers as part of it’s remit. It should also investigate where political figures, town councillors and public sector workers invested in properties that were leased back to the Government on the grounds that there is a serious conflict of interest to be addressed. A team of our leading Economists should be drawn up to tackle the best way of dealing with this issue. Government building contracts with these developers should be cancelled. There should be no political influence in the process, as it is becoming apparent that too many people are receiving protection from politicians, with an agenda for secrecy.