NEWS

kist earn our confidence it is ever going to work

?n and mistrust en the bad siationship with ?rnment, writes ;ConneH
'-. down the cul:y, reduce the :he profession: the Irish propf~l in far more ::stonthehighrf transparency ;: 3 of Nama, on at costs associoperation of i decision-makrs not delay the f the Irish propsi* Programme r. said. ' the language yftened but, El, the level of is the Governfeaa remained -r.gs continued :.iel Noonan's a: Finance and SK" himself. :r.e level of is,-.a chairman and chief :ian McDonnought to be opers and the potential for a form of social dividend," he said. Criticisms began to rain down on Nama from all sides, including from the architect Dr Peter Bacon and developers who have fallen foul of the agency. Bankrupted Glenkerrin Homes chief Ray Grehan said of Nama: "Nobody knows what the game is in Nama I don't think they know themselves. "They have buried themselves in paperwork. As a result, they're very slow with their decisions and I don't think they're able to keep up." Ahead of the Budget, Noonan ordered a high-level review of Nama operations by former global HSBC boss Michael Geoghegan. The multi-millionaire banker went into Nama headquarters for about 14 days in September and October and interviewed 36 key people. Despite claims by some Nama cheerleaders in the media to the contrary, Geoghegan was savage in his criticism of Nama on several fronts. In his recommendations, Geoghegan argued Nama needed to be more "entrepreneurial", saying there was a deficit of sufficient skills at the board to ensure its future success. In his most crucial recommendation, Geoghegan recommended that smaller loans that have remained under the control of the banks should be brought in-house to ensure a better return for the taxpayer. He said Nama should spend 25m extra to hire an additional 200 staff, given that Nama was paying 75m a year to the banks to manage these loans. "Failure to bring these assets on to Nama's book in the next six months may increase the risk of Nama fail-

OF
NAMA paid 30.5bn for loans previously worth 74bn 11,000 loans relate to 16,000 properties from five banks ; Nama is managing loans of top 180 debtors worth 27bn Only 21 per cent of Nama loans are now performing, down from 23 per cent three months earlier Salaries of 200,000 paid to two developers,1 salaries of between 70,000 and 100,000 paid to about 120 others
t

30*

1,093 is the number of properties Nama has taken enforcement action against so far

Nama posted a loss of l.lbn in 2010 as a result of an impairment charge of L485bn Initially Nama was to make a 5bn profit; that fell back to between 3bn and minus lbn; now Nama says it will reclaim the 30.5bn CEO Brendan McDonagh is paid 430,000, but has I waived 15 per cent of this for 2012. Chairman Frank Daly is I paid 159,116

NAMA'S
in insolvency costs
!

COSTS 2012

to the banks to manage loan book .: of 'smaller loans' worth 5bn

in staff costs in legal fees in professional advice fees

rain
Nama, from Bacon'
ince by the ~e Public .-.ee (PAC) in r.e light on os operane shocking. - for Nama '00; more ;--;> are now lof between kOOO, with up to . A this with if all loans tan John

= 242m
GRAVY TRAIN FOR PROFESSIONALS
Nama's top 10 legal suppliers to date
1 2 3 4 5 6 7 8 9 10 Arthur Cox Hogan Lovells International LLP Allen & Overy UP Maples and Calder Matheson Ormsby Prentice Byrne Wallace William Fry Solicitors A&L Goodbody Solicitors Dillon Eustace Beauchamps Solicitors 3,074,552.86 2,926,301.47 2,473,941,32 2,046,545.39 1,577,475.09 61,507,035.68 1,445,142.62 1,374,989.35 1,189,329.74 1,166,591.81

Total

27,551,275,65

will be. Will the Nama board er," he said. Given the critical have to accept and implement comments made by him and directions given by this group? his Taoiseach this time last T-f flic. Knarrl HrwMin'fr frakp war. T asked him how he felt