BaNAMA Republic!

August 22, 2009

Click Archive link top right for more posts on this thread.

FF have travelled a long way from their roots and are heading us towards Banana Republic status with themselves and a small elite oligarchy milking the rest of us paying serfs.

According to Brian Cowen, the NAMA legislation is complex! Could be beyond our limited serf understanding, not that he is bothered to better inform the public!

What is not complex is the NAMA core, which involves a massive transfer of wealth from the poor(the tax payers) to the rich ( the developers who don’t pay tax ) This beats the buggy voting machine waste, even our Irish ‘Kmer Rouge’ decentralisation efforts.

NAMA is our coup de grace, this could sink us!

Next post will look at the Draft Legislation itself. Its rather flimsier than you would imagine! But enormous in the unregulated powers it gives NAMA:

EG,  what is enhancing the long term economic value of assets? Does it mean keeping property off the market to inflate the value of property assets? Seems it can borrow any amount of money it sees fit without our approval?

Also see 9 below, does this mean NAMA is above the law and the courts of the land?  Even the Ministerial powers overseeing NAMA refer to NAMA only having regard to guidelines provided by the minister!

Also it would appear that NAMA has the power to carry out developemnts to maximise the value of its assets.

Does this mean, say in South Dublin, where a developer has taken a punt on getting planning permission on a large parcel of land that NAMA has the power to step in, acquire the land assets, secure planning permission over the current Planning authorities, and proceed to act like a lawless developer without regard to the Planning Regulations that are the law of the land.

Draft Legislation has the rather worrisome catch all selections below:

“10.—(1) NAMA’s purposes shall be to contribute to the achievement of the purposes

specified in section 2 by—

(a) the acquisition of such eligible bank assets from participating institutions as is appropriate,

(b) dealing with the assets acquired by it expeditiously, and

(c) protecting or otherwise enhancing the long-term economic value of those assets, in the interests of the State.


“(ac) undertake development for the purpose of realising the full value of any asset,”

(3) NAMA or a NAMA group entity may, from time to time, with the approval of the Minister, borrow, with or without the guarantee of the Minister, such sums of money(including money in a currency other than the currency of the State) as it determines is required for the performance of its functions under this Act.

(9) Except where otherwise provided by this Act, NAMA may carry out its functions without the consent of any other person or authority notwithstanding any other enactment.

(2) In performing its functions under this Act, NAMA shall have regard to any guidelines issued by the Minister under this section. ”

I’ve referred above to only 23 pages of the 136 pg document, there’s more to come in subsequent posts. But the references above would seem to be flimsily drafted, subject to a myriad of interpretations, that no doubt will lead inevitably into the Supreme Court for proper interpretation.

Whether the powers above to be vested in NAMA are constitutionally in order is also another question. Perhaps as time goes on there will be more debate around this question.

There’s plenty of fodder here for developers and constitutional lawyers to challenge in the courts! Basically, NAMA accords itself the right to borrow whatever it likes without accord to anyone but the Minister(I presume, Minister of Finance).

Is (9) giving NAMA the authority to act outside the law?

Once again,…

“(9) Except where otherwise provided by this Act, NAMA may carry out its functions without the consent of any other person or authority notwithstanding any other enactment.”

Does the above give NAMA the right to ignore the Supreme Court?




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