624:. Using economic theory and formulae, Lane describes the long-term economic value being a function of both nominal price levels and the real (inflation-adjusted) economic value of property. The real economic value of property is further defined as a function of numerous factors including, but not limited to: real disposable income per capita; the level of long-term interest rates; the size of the population, and; the demographic structure of the population. On implementation of long-term economic value, Lane highlights the concerns over price levels. In particular, given the debate on domestic competitiveness versus other countries, Ireland may experience real-exchange rate depreciation, which could have a drag effect of nominal property value. He said, "it is important that the NAMA process to recognise the inevitability of such uncertainty in the determining of long-term economic values". As a result, he favours a two-part payment system.
748:(IMF) saying it would not lead to any significant increase. "People should contemplate what level of credit accessibility we'd have in this economy without NAMA," he said. "It's not just sufficient in itself obviously for credit flow, it's certainly an important and necessary part of restructuring our banking system, of that there's no doubt, in terms of improving as a location for funding of banking operations," said Mr Cowen. He previously said that the Government's objective in restructuring the banks through NAMA was to "generate more access to credit for Irish business at this critical time". In September 2009, Lenihan expressed a similar view, saying it would lead to more lending for business and households. Cowen was responding to reports published on 8 February that the IMF had told Lenihan in April 2009 that the NAMA would not lead to a significant increase in lending by the banks.
716:, speaking at Trinity College Dublin criticised NAMA. He said, "Countries which allow banks to go under by following the ordinary rules of capitalism have done fine. The US has let 100 banks go this year alone, as did Sweden and Norway in their crises." As well as commenting that in Ireland, "this bank bailout is a simple transfer from taxpayers to bondholders, and it will saddle generations to come. The only thing that might give you solace is that, as chief economist of the World Bank, we see this type of thing happening in banana republics all over the world. Whenever a banking crisis happens, the financial sector uses the turmoil as a mechanism to transfer wealth from the general population to themselves. I've been very disappointed to see that it has happened, not only in banana republics, but in advanced industrialised countries."
1045:, the long-term-economic value of the loans transferred to NAMA was 15% higher than the market value. NAMA applied statutory adjustment factors to estimate the valuation of €54bn. The document also noted that asset prices would need to increase from current market values by 10%, for the government and taxpayers to avoid any loss, taking into account subordinated debt. The difference between the 15% uplift to get to €54bn and the need for a 10% uplift for the taxpayer to avoid a loss, was explained in the Draft NAMA Business Plan. This analysis took into account the expected part payment in subordinate debt to the six covered institutions of €2.7bn (circa 5% of the €54bn transfer value). This subordinated debt holders may receive none of the proceeds in a scenario where the taxpayers are exposed to a loss.
686:...nationalisation as being the inevitable consequence of a required recapitalisation of the banks done on terms that are fair for the taxpayer. We can summarise our arguments in favour of nationalisation, and against the Government's current approach of limited recapitalisation and the introduction of an asset management agency, under four headings. We consider that nationalisation will better protect taxpayers' interests, produce a more efficient and longer lasting solution to our banking problems, be more transparent in relation to pricing of distressed assets, and be far more likely to produce a banking system free from the toxic reputation that our current financial institutions have deservedly earned.
423:, that it be a temporary scheme and that the size of potential losses be small relative to the total liabilities. Eurostat noted that the Minister for Finance will examine at the end of 2012 whether NAMA has met its objectives and decide if its continuation is justified. It suggested that a detailed analysis has to be carried out, especially of the guarantee arrangements. It made no judgement on the draft NAMA business plan but stated that the presence of market investors is reassuring to it (those providing 51% of the equity in the SPV). Their preliminary conclusion is that the Master SPV may be classified as a financial
757:
economy since the plan was unveiled April 2009. Speaking at the publication of the NAMA legislation in
September 2009, Mr Lenihan said it would "strengthen and improve" the funding positions of the banks "so that they can lend to viable businesses and households". The IMF estimated in their published report the domestic banks would face losses of up to €35 billion, though the department pointed out this would be partly funded from operating profits and provisions already taken against some loan losses.
1424:
said the plan confirmed that the five institutions covered by NAMA had not disclosed or had been unaware of the extent of the financial crisis afflicting their borrowers. He said the banks had shown 'remarkable generosity' towards their borrowers, adding that NAMA had no intention of maintaining that approach. 'To say the least we are extremely disappointed and disturbed to find that, only months after being led to believe that 40% of loans were income producing, the real figure is actually 25%.
1440:, stated on 21 July 2009 that "Unless the loans are valued at unrealistically high prices, the NAMA process will leave the banks with insufficient capital. This is especially true considering the additional loan losses in non-property lending that are inevitable given the depth of the recession and which will have to be provided for." Professor Honohan was appointed Governor of the Central Bank of Ireland and Financial Services Authority by the Minister of Finance in late September 2009.
575:; were the expected discount 50% or more, the banks' share prices would have collapsed. In early September 2009 Minister Lenihan pointed to this rise in share prices as positive news: "... markets have assessed that information in the context of their current share price and rating agencies have used it in their assessment of these institutions." Should an independent NAMA valuation be too low, Lenihan said: "I can give directions to NAMA to have a valuation reconsidered."
1831:
1532:
1819:' development in Chicago, Illinois, USA; and seeks damages of $ 1.2bn against Nama, alleging that the agency destroyed the developer's chances of building the Chicago Spire through a combination of "sheer spite" and "consistent incompetence". The case, if it reaches court, would be the first time NAMA has faced a jury trial. The case is just one of a number of lawsuits Kelleher has brought, not always successfully, against NAMA.
597:. The appointment of an examiner would have allowed it protection from its creditors. Zoe Developments was estimated to have €1.2bn of loans with a likely deficit of €900m in a liquidation scenario. The €1.2bn of loans included debts of €489m to AIB and €113m to Bank of Ireland. In addition to Zoe Developments, Carroll's overall liabilities, including other businesses are estimated to total €2.8bn. On 10 September 2009,
349:
1585:
identified this mechanism as being superior to an ex-post levy on the banks. An additional advantage of paying part-equity for the loans, that
Professor Honohan mentions in his paper of 6 May 2009, is the benefit of having some private shareholders within NAMA, given "the extensive international evidence showing that Government-owned banking systems serve their economies poorly."
1066:, if the €68bn book value was transferred at €54bn to NAMA, the covered institutions could be a write-down of both their Tier 1 capital and Risk-weighted assets of €14bn in aggregate. Assuming a 1-for-1 write-down of €14bn in the risk weighted assets and the same of the Tier 1 capital, the new ratio would be 4.2% with risk weighted assets of €349bn and Tier 1 capital of €15bn.
586:, gave the impression that it was a well-known or accepted term in economics. It was pointed out that, in fact, the acronym did not appear on any internet page before 2009, with the full term appearing only shortly before, with the concept of LTEV being invented primarily to give political cover for paying from taxpayers' funds, a price in excess of the market value of assets.
1196:, indicates that the six covered institutions have taken €7bn of provisions in the last year against loan impairments and giving the split of the €77bn of prospective loans for transfer to NAMA. However, the data point of the current net book value of the loan portfolios and the prospective transfer price for the portfolios by each of the 6 covered institutions was omitted.
1210:
2007), there may be a significant liability relating to the €14.7bn derivative portfolio. The Draft NAMA Business Plan does not elaborate on the magnitude of this liability, however, it states: "These derivatives change the interest rate structure of the underlying loans and their mark-to-market value will be incorporated into the valuation of the loans".
31:
1223:
expected to be transferred to NAMA. Following the potential transfer of loans with a book value of €68bn to NAMA, the six covered institutions would still have an aggregate of €18bn of loans that were watch loans, vulnerable, and/or impaired. This exceeded the €15bn of Tier 1 Capital within the six banks, after the NAMA transfer.
1419:
business plan published in
October of the previous year which was prepared on the basis of information supplied at that time by the five participating institutions (Anglo Irish Bank, AIB, Bank of Ireland, EBS and Irish Nationwide) and in advance of the detailed examination of any of the key loans by NAMA. Then-Finance Minister
1606:(ECB). The banks' losses of €42 billion written off on these sales, and their other losses, were met by Irish government cash or loans that were advanced or ultimately guaranteed by the ECB. €3.9 billion-worth of sales both in and outside Ireland had been approved by NAMA in a difficult market, given the scale of the
1455:, then-Minister of Finance, said that even after selling real-estate loans to the government's NAMA, that the country's biggest banks may need further money. Additional funding from the Irish government was highlighted, with Lenihan recognising that it would be difficult to raise funds on the stock market.
1692:
In
December 2011 the Agency published the Geoghegan Review, a report on NAMA's functional organisation, skills and delegation arrangements produced by the former Group Chief Executive of HSBC Holdings Plc, Michael Geoghegan. The Review includes a number of non-binding recommendations for the Agency's
1629:
As a result, in
November 2010 the Irish government was itself obliged to seek a €67 billion net "bailout" from the ECB and IMF and undertook in return that the sale of the six banks' remaining assets outside NAMA would be "expedited"; part of the money was to cover future losses incurred by buyers of
1410:
The document stated "that about 40% of the loans are estimated to be cash-generating". This indicated that €46 billion of the loans were not paying interest. Of the €31 billion that were cash-generating, there was no indication in the document if they were paying the full requirements under the terms
769:
that contained high level statistic on NAMA, data on property yields, and information on the six covered institutions. The supplemental data indicated the book-value of the loans expected to be transferred to NAMA by the six covered institutions (Bank of
Ireland, Allied Irish Banks, Anglo Irish Bank,
727:
said that: It is essential that the bad assets are taken off the balance sheets of the financial institutions and that the
Government separates the good assets from the bad assets to clean up the financial system.... But if it does it in such a way that implies it is buying these assets at overpriced
399:
could be the most appropriate investors in the SPV. The annual dividend, should one be paid, is to be capped at the 10-year Irish
Government bond yield at the time the dividend is declared. Lenihan said he was confident that the €51m could be found from suitable investors because of the similarity of
215:
Despite this early criticism, as of year end 2018, NAMA had recovered €37.4bn from its owned assets and projected that it would eventually generate a net surplus of €4bn. And as of
September 2021, NAMA had delivered a total surplus of €2.75bn to the Department of Finance, and projected that its final
1678:
NAMA appealed the High Court's decision to the
Supreme Court, and the case was first heard on 7 April 2014 before Chief Justice Susan Denham, Mr Justice Murray, Mr Justice Hardiman, Mr Justice O'Donnell and Ms Justice Dunne. On 23 June 2015 the Supreme Court dismissed NAMA's appeal and ruled that it
1588:
On 9 October 2009, the two parties of the Irish government at the time, Fianna Fáil and the Green Party agreed a "Renewed Programme for Government". In this agreement, it stated "Should NAMA make a loss over time, a levy would be imposed to recoup the cost to taxpayers". This proposal is not in line
1509:
The Draft Business Plan looks at sensitivity analysis, indicating that if short and/or long-term interest rates rise, there would be an erosion of the €5 billion positive cash flow to NAMA. Similarly, if the default rate increases, this cash flow would be eroded. The document states that an increase
1204:
In addition to the potential loan book transfer to NAMA, the Draft NAMA Business Plan outlined the existence of over 1,000 derivative positions attached to the commercial loans. These loans were transferred to NAMA as well. The nominal value of this derivative portfolio was €14.7 billion. Developers
1696:
In February 2012, Paddy McKillen won the latest hearing on a preliminary issue in his UK legal battle with the Barclay brothers for control of the five-star Maybourne Hotel Group in London. The latest ruling strengthens his case against the Barclays to argue that Ireland's National Asset Management
1491:
The concept of subordinated debt holders receiving no return on their loans, is raised in the Draft NAMA Business Plan, where the subordinated debt issued to the covered institutions, could receive nothing in a scenario where the Irish taxpayer incurs a loss on its investment in NAMA. 5% of the €54
1423:
denied that the Government got its sums wrong on NAMA. The original business plan estimated a profit of €4.8bn based on a rise in assets value of 10%. The revised figures said that if they recovered the full value of the loans plus 10% it would result in a profit of €3.9bn. NAMA chairman Frank Daly
736:
and former member of the UK Monetary Policy Committee, said: the Irish Government should have, in principle, gone for a good bank, not a bad bank.... The bad bank is always a bad idea because it means that the Government underwrites all the creditors and creates moral hazard." Other participants at
635:
to be injected by the government into the financial sector of between €4 and 7 billion. Coincidentally, the upper end of this figures is equal to the difference between the €54 billion estimated "long-term economic value" and the €47 billion "current market value". Lenihan noted that the additional
489:
But, as the three private investors are bank-run pension fund managers, whose parent or major-shareholder companies had been all but nationalised by 2011, and as the 2010 Credit Institutions (Stabilisation) Act allows the government powers to apply to the courts to restructure any financial body in
387:
The private investors in the Master SPV are entitled to the following economic return: the equity investors will receive an annual dividend linked to the performance of the Master SPV; On winding up of the Master SPV, the equity investors would only be repaid their capital if the Master SPV has the
200:
of these loans was €77 billion (comprising €68bn for the original loans and €9bn rolled up interest), and the original asset values to which the loans related was €88bn, with there being an average Loan To Value of 77% and the current market value is estimated at €47 billion. NAMA is controversial,
1714:
In early April 2014, NAMA sold a portfolio of Northern Ireland loans for £4.5bn (€5.4bn). The deal brokered was NAMA's single biggest transaction to date and followed an extensive sales process involving bidders from both the US and Europe. The loan book (aka Project Eagle) included a portfolio of
1414:
Additional data on the size of the underlying loans was also provided in the Draft Business Plan. Of particular note was that the 10 largest underlying loans had a projected book value of €16 billion (i.e. 20% of the overall €77 billion), with an average loan size of €1.6 billion each. The top 100
1411:
of the loan agreements. The €31 billion was divided into €28 billion of commercial loans and €3 billion of land and development loans. This compared to a breakdown of the €77 billion of €28 billion of commercial loans, €21 billion of land and development loans, and €28 billion of associated loans.
756:
and IMF officials on 29 April 2009 last state that the "IMF (Mr Seelig) do not believe that Nama will result in significant increase in bank lending in Ireland". The Government has maintained that NAMA's purchase of bad loans from the banks with State bonds would increase the flow of credit in the
1662:
Following an appeal from journalist Gavin Sheridan the Irish Office of the Commissioner for Environmental Information determined in September 2011 that NAMA was a public authority for the purposes of the Access to Information on the Environment (AIE) Regulations 2007, and was therefore obliged to
1613:
In that the main purpose of NAMA was to remove bad debts from the six banks and to recapitalize them, it was hard to see how it had made a difference in the short term. The plan relied upon an early worldwide recovery from recession, which did not occur. Government support for the banks continued
1592:
In the letter from Eurostat to the CSO dated 16 October 2009, it is noted that in addition to the 5% of the purchase price paid in subordinate bonds, that reduces the potential losses of the Irish taxpayer, that an amendment to the legislation that shall be introduced means that the participating
672:
accused the Government of "proposing to establish the biggest property company in the world and asking taxpayers to foot the bill and bear all the risk." He stated that "this Bill will be one of the most important pieces of legislation ever to have come before Dáil Éireann. There will be enormous
507:
Following the acquisition of Allied Irish Banks by the Irish government the SPV stakeholding was sold to South African investor Prestige. In April 2012, the stakeholding in the SPV belonging to Irish Life Investment Managers was sold on the order of the minister for finance, Michael Noonan, to an
1799:
asked whether NAMA had knowingly sold assets to bidders with Section 110 SPVs. However, in later disclosures, Finance Minister Noonan stated that NAMA were users of the Section 110 SPVs, and would incur a €158m tax charge as a result of changes Noonan made to Section 110 legislation in the 2016
1683:
in Fish Legal, where the court ruled that, "entities which, organically, are administrative authorities, namely those which form part of the public administration or the executive of the State at whatever level, are public authorities for the purposes of Article 2(2)(a) of Directive 2003/4. This
1646:
In February 2011, the Supreme Court delivered judgment in an appeal taken by Paddy McKillen against a purported decision to acquire loans taken out by Mr. McKillen and companies controlled by him. The court found that the decision had been taken by a group of senior managers before NAMA had been
1621:
In turn, the government's support for NAMA itself was quantified in July 2010 by the IMF as "more than 25% of GDP in 2010". The financial markets concluded that Ireland could not support the cost of the banks as well as NAMA, and run a budget deficit, and they sold Irish bonds at the time of the
1517:
A part of the Draft Business Plan that is mentioned but not modeled in the document, is the ability of the NAMA to borrow an incremental €5 billion to pursue its "asset development/enhancement objectives". In particular, NAMA may invest in projects that are deemed commercially viable. NAMA shall
1584:
On 6 May 2009, Professor Honohan, presented his views on NAMA to a committee of the Irish parliament. In particular, he raised the idea of a two-part payment to the banks, part debt & part equity, as a mechanism to reduce the risk to the taxpayer of overpaying for the loans. He specifically
1462:
reported that Bank of Ireland and AIB could need to raise a combined €9bn as a result of write-downs associated with the transfer of assets to NAMA. The article quotes a Merrion Capital report that estimates that AIB and BoI's equity Tier 1 Capital ratios would fall to 3.3% and 3.5% in 2010/11.
1209:
agreements are used. If interest rates fall, the borrower does not benefit, as he/she must pay the saving to the counter-party of the swap agreement. Given the decline in interest rates over the last 2 years (e.g. the US Federal Funds Rate was 0.25% in late September 2009 versus 5.25% in August
660:
and Peter Bacon, the architect of NAMA, both accept that this is a massive gamble. Taxpayers are right to ask why Fianna Fáil is so keen to gamble with their money without asking the banks, bondholders and institutional investors to take their fair share of the pain. In dealing with the banking
1513:
The Draft Business Plan does not attempt to match the €62 billion of principal repayments and €4 billion of asset recovery (of the estimated €15 billion of defaulting loans) to the €54 billion "long-term-economic value" expected to be paid for the NAMA loan portfolio. Nor is there any analysis
1471:
expected institutions to seek private sector capital in the first place but to the extent that sufficient capital cannot be raised independently or generated internally, it remained committed to providing institutions with an appropriate level of capital to continue to meet their requirement."
1470:
published on 13 October 2009, it stated that: "After the transfer of their L&D and associated loans to NAMA, it is likely that some institutions will require additional capital in order to absorb the consequent write-downs on the book value of their assets. The Government indicated that it
1705:
In March 2012 a group called NAMA to Nature began planting trees on NAMA sites in a symbolic protest against the failure of the government agency to address the enduring presence of ghost estates and the failure of developers to clear unfinished construction sites. This action was reported in
1418:
In July 2010 after the a revised business plan was published it was revealed that it was then predicting a possible profit of €1bn, with the possibility of losses of up to €800m, after an initially projection of more than €4bn in profit. The plan published then updated and revised the interim
1222:
also included analysis of the total loan books of the covered institutions. In particular it identified, €27bn of watch loans (low quality), €31bn of vulnerable loans (past due) and €29bn of impaired loans. That was a total of €86bn of loans, at net book value. This was in excess of the loans
1505:
for the euro. Given a percentage of the loans are cash-generative this €16 billion may be partially offset by an estimated €12 billion of interest received. The Draft business plan expects a default rate of 20% on the €77 billion of principal, and repayment of €62 billion. The €15 billion of
661:
crisis, the objective must be to minimise the risk to taxpayers and to get credit flowing to businesses and homebuyers. NAMA achieves neither of these objectives. It won't get credit flowing and it exposes taxpayers to all of the risk." Fine Gael instead proposed a 'national recovery bank'.
1053:
On Thursday 17 September 2009, the day after the estimated cost of NAMA was announced, shares in AIB and Bank of Ireland rose in value. On the ISEQ Index, shares in AIB rose by 30% and shares in Bank of Ireland rose by 17%. Shares for both banks were also up on the U.S. stock markets.
1506:
defaulted loans is forecast to be sold for €4 billion (i.e. circa 27% of loan value). Fees and running costs of NAMA are estimated at €240m per annum, i.e. circa €3 billion over 11 years. Taking all of these cash-flows together leads to a cumulative positive cash flow of €5 billion.
1406:
indicated that the potential loans for transfer to NAMA of €77bn book value (including rolled-up interest) was divided into €24.1 billion from AIB, €28.4 billion from Anglo-Irish Bank, €15.5 billion from Bank of Ireland, €0.8 billion from EBS, and €8.3 billion from Irish Nationwide.
1784:
TD called for a Dáil investigation and produced detailed calculations based on the scale of asset disposals by NAMA to US funds showing that the loss of Irish taxes could reach €20bn. The affair escalated during 2016 and was covered in the international media and in several Irish
1622:
renewal of the two-year state bank guarantee in September 2010, causing yields to rise. It became impossible for the government itself to borrow from the bond markets. The drop in value of Irish bonds also had an immediate effect on the balance sheets of Irish and foreign banks'
564:, estimated at 30% of book value, and in exchange the banks will be given bonds to sell to raise cash. The 30% discount to the €77bn book value outlined by NAMA includes circa €9bn of unpaid interest. The current value of the assets will not be based on their estimated
411:(CSO) requested that NAMA be classified as a Government Entity and the Master SPV as a Financial Institution; the likely impact of this classification could be that the debt issued by the SPV, guaranteed by the Irish government, would not be classified as part of the
1778:(discovered because most Irish SPVs must file public accounts), structured by IFSC law and accounting firms, to export untaxed income and capital gains earned on domestic Irish assets to offshore locations (via the PPN interest payments) such as the Cayman Islands.
471:, taking on debt 35 times its paid-up capital. The reason given for this is that the loans are temporary; they have bought other loans at a discount (see below); will be repaid on property sales; and are subject to continuous review. They are similar in function to
367:
NAMA arranged and supervised the identification and valuation of property-backed loans on the books of qualifying financial institutions in Ireland, but the purchase and management of these loans were the responsibility of the SPV. The SPV has a majority of private
335:
The Bill envisaged that NAMA would arrange and supervise the identification and valuation of property-backed loans on the books of qualifying financial institutions in Ireland, but would delegate the purchase and management of these loans to a separately created
751:
The comments, which appear in internal Department of Finance documents released under the Freedom of Information Act, were made by senior IMF official Steven Seelig who joined the board of NAMA in May 2010. Minutes of a private meeting at the department between
1768:") were filing Irish company accounts with large profits on their Irish investments (bought from NAMA) but no Irish tax payments. They could see the equity of these companies was "owned" by Irish registered Charities some of which were run by IFSC law firms.
1500:
The Draft Business plan assumed a life of 11 years for NAMA from 2010 to 2020 with full repayment of the €54 billion loans issued by NAMA/Irish Government by the end of 2020. Cumulative interest on the loans is forecast at €16 billion, using the forward
2565:
1447:
reported that European banks needed to raise substantial equity capital, including AIB and BOI. The article quoted a report by the bank JP Morgan which estimated that the AIB and BoI needed to raise a combined €11bn, €7bn for AIB and €4bn for BoI.
4541:
4320:
1601:
NAMA published its 2010 accounts and summarised its more recent achievements in July 2011. In round figures it had acquired loans of €72 billion for €30 billion. To buy these it had issued bonds worth €30 billion that buyers could sell to the
2536:
1674:
ruled in favour of the Commissioner for Environmental Information. The case centred on the statutory interpretation of the term "and includes" in Irish law. The case cost a total of €121,350 to the Irish taxpayer up to that point.
5292:
418:
In a letter dated 16 October 2009, Eurostat gave a preliminary view. The letter stated that NAMA is to be treated as part of the government sector, the type of assets to be purchased cannot be expanded without the approval of the
379:, who would own 51% of its equity and therefore have the majority vote, and by NAMA, which would hold the remaining 49%. The subscribed capital of the Master SPV would be €100m. Although the SPV has its own Board, NAMA retains a
1192:. For a clearer picture, NAMA would need to give a breakdown of the loans to be transferred, by institution, as well as the book value and market value of each. Some additional information was provided on 13 October 2009 in the
498:
consider NAMA's debts to be a part of Irish government debt. Besides, NAMA's directors on the SPV board "will maintain a veto over all decisions of the Board that could affect the interests of NAMA or of the Irish government."
1487:
shows an aggregate of €20bn of sub-ordinate debt at the six covered institutions. Assuming all or part of this sub-ordinate debt is converted into equity could play a role in improving the Tier 1 ratio of the industry.
383:
over all decisions of the Board that could affect the interests of NAMA or of the Irish government. The Master SPV is run with the objective of making a profit on the purchase and management of the assets it purchases.
1630:
those assets. By early 2011 the six banks' liquidity needs were being supported by a further €150 billion from the ECB. Despite all the efforts to save them, in April 2011 the six banks' credit ratings were reduced to
1069:
Assuming the transfer value was at the market-value estimate of €47bn, not €54bn, then Tier 1 capital could fall by €21bn not €14bn. Risk weighted assets could be €342bn and Tier 1 capital €8bn, with a ratio of 2.2%.
4193:
871:
of the six covered institutions, as reported in the Supplemental Data document leads to total Tier 1 capital of €29bn. This compares to combined risk-weighted-assets of €363bn, and a Tier 1 capital ratio of 7.9%.
236:. The banks, therefore, need to raise further capital; however, given the uncertainty around the true value of their assets, their stock is in too little demand for a general share issuance to be a viable option.
1205:
and other borrowers in real-estate transactions are often required by lenders to enter into derivative transactions as part of a loan agreement, as a mechanism to fix the interest rate on the loan. Typically,
5407:
3672:
2572:
224:
As a result of the collapse of the Irish property market, Irish banks have property development loan assets secured on property with a market value significantly below the amount owed. Many loans are now
4642:
254:
The National Asset Management Agency Bill, in its current format, applies to the six financial institutions which were covered by the Irish government's deposit guarantee scheme. Those institutions were
4838:
2827:
4549:
4312:
4756:
2547:
310:, who was appointed by the government to advise on solutions to the banking crisis, said the new agency had potential to bring a better economic solution to the banking crisis and was preferable to
4953:
2670:
328:
The Bill provided for NAMA to be established on a statutory basis as a separate body corporate with its own Board appointed by the Minister for Finance and with management services provided by the
4797:
2758:
2615:
1803:
The affair focused Irish public attention on the scale and speed at which funds had profited from NAMA sales, and led to some concern that NAMA had sold too quickly (and on a tax-free basis).
246:. Along with their capital requirement problems, this is limiting the banks' ability to offer credit to their customers and, in turn, contributing to the lack of growth in the Irish economy.
5367:
5110:
2067:
3086:
5274:
4290:
4227:
4913:
2496:
4597:
3045:
2210:"Evaluation of Options for Resolving Property Loan Impairments and Associated Capital Adequacy of Irish Credit Institutions: Proposal for a National Asset Management Agency (NAMA)"
2186:
568:, but on a higher notional "long-term economic value". This higher value is ultimately based on the share prices of Irish banks, which were low in March 2009 but have risen since.
2337:
5863:
5023:
388:
resources; they would receive a further equity bonus of 10% of the capital if the Master SPV makes a profit; All other profits and gains of the Master SPV would accrue to NAMA.
4412:
3749:
520:
published details on NAMA in a press release dated 8 April 2009. The draft bill was published on 30 July 2009 for public consultation. Following the consultation process, the
5154:
1483:, suggests that the Government is in a strong position, if it chooses, to negotiate with bondholders to engage in some debt for equity swaps. The information provided in the
5729:
5251:
589:
Problems relating to paying the notional long-term economic value (rather than market value) for the loans to be transferred to NAMA were highlighted by the difficulties of
4864:
631:
on 16 September 2009, the Minister of Finance Brian Lenihan indicated that alternatives to NAMA that did not use long-term economic value would lead to the need for fresh
4197:
719:
On 21 October 2009, ahead of the International Financial Services Summit (IFSS) in Dublin on 5 November 2009, two leading economists expressed caution on NAMA. Professor
5680:
356:
In a letter from the Central Statistics Office of Ireland (CSO) to Eurostat, dated 22 September 2009, details are provided on the suggested creation by NAMA of a Master
532:, and passed, on 15 October 2009 by 77 votes to 73. The committee stage of the bill started on 22 October 2009. Following the passing of the bill in both houses of the
6074:
4715:
1663:
answer AIE requests from applicants. The Regulations in question were the Irish transposition of European Directive 2003/4/EC, an implementation of one element of the
3246:
3165:
307:
5389:
5326:
4572:
3654:
3535:
2027:
508:
undisclosed investor. These sales are necessitated by each nationalisation raising the government's stake from a minority 49 percent to a majority to 66 percent.
2142:
737:
the IFSS include Martin Wolf, Chief Economics Commentator, Financial Times and Philip Lane, Professor of International Macroeconomics at Trinity College Dublin.
605:
refused to appoint an examiner to Zoe Developments despite the support of AIB and Bank of Ireland for such an appointment. Receivers have been appointed after a
360:(SPV) known as National Asset Management Ltd and controlled by the holding company National Asset Management Agency Investment Ltd. The CSO sought guidance from
4820:
4624:
372:. It funds the purchase of the loan books from financial institutions by issuing securities, most of which are backed by a guarantee from the Irish Government.
5840:
5066:
3451:
2809:
209:
3304:
4738:
3948:
201:
with politicians (who were in opposition at the time of its formation) and some economists criticising the approach, including Nobel Prize-winning economist
478:
The purpose of NAMA's quasi-independent legal status is to remove its debts from general Irish government debt. This is the position of the government, the
4935:
2681:
4779:
4342:
3580:
3513:
2368:
2108:
1906:
2750:
1654:
to private investors on the basis that the investor pays equity of 30% of the asking price of the loan, with NAMA providing financing for the balance.
4456:
4379:
4075:
3862:
3821:
3206:
2296:
1987:
1946:
5719:
3934:
2597:
1549:
5349:
5092:
4166:
4021:"IMF Country Report No. 10/209: Ireland: 2010 Article IV Consultation—Staff Report; and Public Information Notice on the Executive Board Discussion"
2974:
2049:
728:
prices that does not reflect the underlying value, then it is giving a big subsidy to the bank shareholders and the unsecured creditors." Professor
1864:
593:'s Zoe Developments. In July 2009, Zoe Developments, a large property development company, made an application to court seeking the appointment of
92:
38:
3602:
3068:
2728:
1869:
1775:
1755:
1693:
Board, including the need to be more entrepreneurial in focus and proposing a greater delegation of authorities from the Board to the Executive.
1684:
first category includes all legal persons governed by public law which have been set up by the State and which it alone can decide to dissolve".
1436:, a professor of International Financial Economics and Development at Trinity College Dublin, and shortly afterwards to be appointed head of the
4280:
4219:
5810:
5675:
4895:
3772:
4986:
3357:
2511:
2246:
1815:. The case, formally brought by Kelleher's company, Shelbourne North Water Street Corporation, concerns the financial collapse of Kelleher's '
5219:
695:
4258:
2671:"Preliminary view on the ESA95 accounting treatment of the National Asset Management Agency (NAMA) and related majority privately owned SPV"
1432:
If there are further substantial write-downs within the Irish banking industry post-NAMA this could lead to further financial difficulties.
5734:
5589:
4601:
3984:
724:
609:
appeal failed. A deficit of €900m versus loans of €1.2bn if realised would imply a market value of 25% of loan value for Zoe Developments.
3731:
435:
The three investors owning 51% of the SPV were revealed by the Minister of Finance in April 2010, and in NAMA's June 2010 business plan:
5780:
5541:
3626:
3027:
2905:
2780:
2168:
302:, are removed from their books. If such losses resulted in the banks needing more capital, then the government would insist on taking an
4489:
2877:
2319:
6094:
6064:
5825:
5749:
5013:"WHY LETTING SECTION 110 SPVS OPERATE IN THE IRISH DOMESTIC ECONOMY WILL DAMAGE OUR TAX BASE AND OUR REPUTATION AS A 'LOW-TAX' ECONOMY"
4674:
4519:
4134:
3408:
3272:
2996:
2933:
2849:
1514:
comparing the forecast €15 billion of defaults relative to the estimates 60% of loans, i.e. €46 billion, that are not cash-generative.
673:
consequences for the taxpayer if the government get it wrong." Labour instead has proposed the temporary nationalisation of the banks.
5012:
4031:
6005:
5835:
5463:
4402:
2781:"State aid N725/2009 - Ireland. Establishment of a National Asset Management Agency (NAMA): Asset relief scheme for banks in Ireland"
3705:
770:
EBS, Permanent TSB, Irish Nationwide) was €68bn. The suggested transfer value was €54bn, with the estimated market value at €47bn.
5665:
5518:
5136:
1593:
banks shall have to pay a tax surcharge on their operating profits until the loss of the Master SPV, related to NAMA, is recouped.
229:
due to debtors experiencing acute financial difficulties. Both factors have led to a sharp drop in the value of these loan assets.
5241:
6089:
5759:
5556:
3895:
3536:"Leading international economists disagree over NAMA: Roubini and Buiter contribute to continuing debate on the benefits of NAMA"
2647:
4872:
232:
If the banks were to recognise the true value of these loans on their balance sheets, they would no longer meet their statutory
5546:
1706:
thejournal.ie. It was also reported in the Irish Times. Two of the participants were interviewed on The John Murray Radio Show
4194:"Mr. Gavin Sheridan and the National Asset Management Agency (NAMA): Appeal to the Commissioner for Environmental Information"
2209:
6015:
5744:
5714:
5635:
4511:
3119:
773:
In addition to the supplementary data document, the Department of Finance published incremental data on 13 October 2009 in a
5186:
4697:
283:, which are not covered, had the option to join the scheme. Ulster Bank eventually decided not to do so; its parent company
5775:
5630:
5496:
3147:
5318:
4107:
3382:
2856:
2438:
1854:
1723:
644:
The agency has been the subject of major criticism in both politics and academia. At the time of its establishment, then-
517:
408:
375:
According to the details provided to Eurostat, the Master SPV is a separate legal entity and is jointly owned by private
329:
96:
42:
5920:
5805:
4281:"National Asset Management Agency -v- Commissioner for Environmental Information : Judgments & Determinations"
4220:"National Asset Management Agency -v- Commissioner for Environmental Information : Judgments & Determinations"
3889:"Preliminary Remarks by Patrick Honohan To the Joint Oireachtas Committee on Finance and the Public Service 6 May 2009"
3542:
2698:
2009:
1715:
various commercial properties in the North. It was reported to have been initially acquired by NAMA for £1bn (€1.2bn).
193:
2131:
1670:
NAMA disagreed with this decision and appealed to the High Court on a point of law. In February 2013 High Court judge
5815:
5800:
5724:
1571:
1337:
982:
276:
168:
5048:
3298:
6043:
5501:
701:
defended the creation of the agency saying it was not a bailout for the banks, one of the charges made against it.
3959:
6069:
5998:
5491:
3633:
2507:
1789:
1734:
MLA, uncovered the fact that a meeting took place between DUP Ministers and potential bidders for the portfolio.
490:
any way in secret at any time, and as a general guarantee to protect the parent banks remains in place (see the
208:
One year after NAMA's establishment, the Irish government was compelled for other but similar reasons to seek a
6038:
5915:
5650:
5645:
1844:
1553:
468:
291:
4346:
3562:
1888:
5820:
5754:
5655:
5456:
3495:
2360:
2090:
4438:
4361:
4057:
3844:
3803:
3469:
3188:
2278:
1928:
5739:
5551:
5314:
5279:
5097:
3491:
3152:
3073:
1849:
4148:
3924:
205:
who has said that the Irish government is "squandering" public money with its plan to bail out the banks.
6079:
4434:
4027:
3228:
2956:
2461:
1969:
745:
636:€4-7 billion would be an incremental investment in the banks rather than a higher payment for the loans.
479:
3780:
5525:
3609:
3350:
2497:"Annex I - Questions and Answers in Relation to the National Asset Management Agency (NAMA) initiative"
2393:
1743:
733:
698:
590:
545:
239:
The banks are also suffering a liquidity crisis due, in part, to their lack of suitable collateral for
5275:"'Vultures' minimise their tax bills - as State now appears to have delivered the sale of the century"
5935:
5845:
5513:
5486:
4583:
4545:
4285:
4223:
2720:
1719:
1680:
3332:
5930:
5685:
5561:
5449:
4976:
2253:
606:
212:
in November 2010, the outcome of which will have considerable effects on NAMA's future operations.
5209:
744:
defended his claim that the NAMA would increase the supply of credit into the economy despite the
582:
which was popular in the press around the time of the establishment of NAMA, often as the acronym
5640:
5508:
3125:
1697:
Agency unlawfully transferred €800 million of debt on the hotels to the brothers last September.
1542:
1437:
549:
357:
337:
185:
4250:
3995:
3442:; Poti, Valerio; Berrill, Jennifer; Mac an Bhaird, Ciarán; Connor, Gregory; Pecchenino, Rowena;
1510:
of the default rate to 31% would erode in full the net present value of the positive cash flow.
5660:
3910:
665:
617:
541:
284:
4479:
3637:
2916:
2791:
1742:
In 2015, under "Project Albion", NAMA sold a portfolio of United Kingdom commercial assets to
6010:
5957:
5910:
3929:
3843:
Lucey, Brian; Whelan, Karl; Andreosso-O’Callaghan, Bernadette; et al. (26 August 2009).
2888:
1603:
446:
240:
172:
164:
4664:
4196:. Office of the Commissioner for Environmental Information. Case CEI/10/0005. Archived from
3412:
3268:
3004:
2941:
2860:
6033:
5053:
4702:
4020:
3500:
2095:
602:
598:
495:
243:
233:
676:
A commentary signed by leading academics also questioned the NAMA strategy. They wrote in
8:
5993:
5925:
3698:
3447:
3439:
2787:
1679:
was in fact subject to the AIE Regulations. The court relied on an earlier ruling of the
1623:
892:
877:
420:
226:
61:
6084:
5975:
5951:
5609:
5582:
3320:
2637:
1249:
1206:
906:
464:
457:
299:
298:
said the banks would have to assume significant losses when the loans, largely made to
260:
3888:
3541:. International Financial Services Summit (IFSS) 2009. 21 October 2009. Archived from
3434:
Whelan, Karl; Cotter, John; Bredin, Don; Hutson, Elaine; Muckley, Cal; Whelan, Shane;
6020:
5399:
5359:
5284:
5146:
5141:
5102:
5058:
4945:
4905:
4830:
4789:
4748:
4707:
4634:
4448:
4371:
4189:
4158:
4067:
3854:
3813:
3741:
3736:
3664:
3572:
3505:
3461:
3435:
3346:
3238:
3198:
3157:
3115:
3078:
3037:
3032:
2966:
2819:
2814:
2607:
2602:
2471:
2329:
2324:
2288:
2242:
2178:
2100:
2059:
2054:
2019:
2014:
1979:
1938:
1898:
1811:
NAMA is the subject of US$ 1.2 billion lawsuit from former Irish property developer,
1671:
1664:
1452:
1420:
753:
572:
561:
525:
463:
Each provided €17m for a total of €51m of NAMA's initial capital of €100m. NAMA then
392:
295:
529:
5132:
5088:
5008:
4977:"Accounting firms are telling vulture funds how to get around tax loophole closure"
4860:
2216:
1812:
1796:
1781:
1772:
1293:
944:
632:
578:
In addition, critics also pointed out that the use of the term, often capitalised,
369:
303:
264:
105:
5969:
5472:
5394:
5354:
5214:
5176:
4940:
4900:
4825:
4784:
4743:
4629:
4443:
4366:
4153:
4062:
3884:
3849:
3808:
3694:
3567:
3456:
3233:
3193:
2961:
2466:
2283:
2173:
1974:
1933:
1893:
1761:
1607:
1433:
1271:
925:
720:
705:
678:
657:
450:
401:
318:
256:
202:
4579:
1731:
5884:
5830:
5614:
4097:
3659:
3294:
2428:
868:
613:
189:
156:
3699:"Irish Economy Note No. 5: "Irish Banking Policy during and after the Crisis""
3386:
867:
there is data on the financial ratios of the six covered banks. Adding up the
653:
540:
decided to sign the bill into law on 22 November 2009, despite calls from the
6058:
5599:
5594:
5577:
5403:
5363:
5288:
5150:
5106:
5062:
4981:
4949:
4909:
4834:
4793:
4752:
4711:
4669:
4638:
4452:
4407:
4375:
4162:
4071:
3858:
3817:
3745:
3668:
3576:
3509:
3465:
3438:; Barry, Frank; Colbert, Pearse; Lucey, Brian; McCabe, Patrick; Sevic, Alex;
3242:
3202:
3161:
3082:
3041:
2970:
2823:
2611:
2475:
2333:
2292:
2182:
2104:
2063:
2023:
1983:
1942:
1902:
1816:
1765:
1315:
963:
729:
537:
440:
412:
322:
311:
272:
2706:
3443:
2593:
1836:
1727:
1647:
formed and accordingly there was no decision of NAMA to acquire the loans.
669:
649:
594:
565:
396:
4936:"Seen & Heard: State-backed funds using Section 110 to slash tax bill"
2810:"Mystery buyer lined up for IL&P stake in NAMA to keep debt off books"
1589:
with the preferred option that Professor Honohan highlighted in May 2009.
5963:
5604:
3300:
Irish Economy Note No. 6: "The Macroeconomics of Long-Term Economic Value
2751:"Why do ratings agencies regard NAMA bonds as part of our national debt?"
1859:
1631:
1415:
underlying loans totalled €38 billion, equivalent to 49% of the overall.
741:
709:
502:
472:
424:
280:
5246:
4598:"Oaktree wins NAMA's multi-borrower Project Albion, paying around £115m"
4102:
2642:
2433:
1518:
inherit with the loans, undrawn commitments of €6.5bn to the borrowers.
691:
192:, ostensibly with a view to improving the availability of credit in the
1635:
1556: in this section. Unsourced material may be challenged and removed.
1358:
1001:
713:
533:
348:
268:
197:
1492:
billion purchase price is forecast to be paid in sub-ordinated loans.
5436:
4542:"Sale of National Asset Management Agency assets in Northern Ireland"
3608:. National Asset Management Agency. 16 September 2009. Archived from
1502:
645:
4484:
1531:
5879:
5181:
2677:
2579:
2543:
2403:
1651:
1188:
However, this analysis looks at the aggregate data provided in the
873:
483:
376:
361:
180:
5441:
5093:"Stephen Donnelly: Tax avoidance anomaly means pain for taxpayers"
4821:"Vulture funds using charities to avoid paying tax, says Donnelly"
4573:"PIMCO's interaction with the Department of Finance and Personnel"
427:. However, this is a preliminary view and is subject to revision.
364:
on how NAMA and the SPV would be classified in national accounts.
5390:"Court refuses disclosure to Garrett Kelleher in Nama loans case"
4698:"Revealed: How vulture funds paid €20k in tax on assets of €20bn"
2247:"National Asset Management Agency Bill 2009, Second Stage Speech"
1650:
In April 2011 NAMA announced that it would commence selling home
3842:
2598:"NAMA not ready to tackle loans until early New Year -- Lenihan"
1726:
launched an inquiry into the sale after concerns were raised by
628:
555:
524:
was published on 10 September 2009. The bill was debated in the
5864:
List of banks acquired or bankrupted during the Great Recession
4739:"Dublin unit of US hedge fund with $ 8bn assets pays $ 125 tax"
4665:"Vulture funds pay just €8,000 in tax on €10 billion of assets"
4625:"Loophole lets firms earning millions pay €250 tax, Dáil told"
4362:"Latest ruling favours McKillen in dispute over London hotels"
4058:"Rushing to pay back the ECB loans may prove a costly mistake"
3773:"Ireland's Lenihan Says Banks May Need More Capital (Update2)"
1786:
1158:
Additional Right if use Estimated Market Value of €47 billion
760:
456:
Clients of Allied Irish Banks Investment Managers, a part of
188:
loans from Irish banks in return for government purple debts
5699:
4403:"Nama to Nature: Why we are planting trees on ghost estates"
3563:"IMF warned Nama would not lead to significant bank lending"
2537:"Methodological paper for on classification of NAMA and SPV"
1737:
1479:
The August 2009 open letter by 46 academics reported in the
1199:
560:
The assets will be taken on at a discount, referred to as a
30:
2398:
380:
3427:
3069:"Lenihan formula will ensure banks win and taxpayer loses"
1889:"Nama to pay €54bn for bank loans of €77bn in rescue plan"
814:
Potential decline in property prices approximate estimate
5730:
Dodd–Frank Wall Street Reform and Consumer Protection Act
5319:"Vulture funds rub salt into the carcass of this country"
3109:
2878:"Proposal for NATIONAL ASSET MANAGEMENT AGENCY BILL 2009"
2850:"NTMA Quarter I Update: National Asset Management Agency"
2279:"Bad debt agency may be scaffold for property developers"
1615:
321:, which led to a significant increase in Ireland's gross
4780:"Cerberus paid €1,900 tax on €77m Project Eagle profits"
3433:
3401:
2002:
1760:
In June 2016 Irish media outlets started noting that US
2699:"Greens 'unaware' private investors would control NAMA"
2566:"Letter from the CSO on classification of NAMA and SPV"
287:
having joined the analogous UK scheme earlier in 2009.
5841:
National fiscal policy response to the Great Recession
5431:
5210:"Ireland confronts another tax scandal closer to home"
4343:"NAMA publishes review of agency by Michael Geoghegan"
2240:
1474:
503:
Sale of AIB and Irish Life Investment Managers' stakes
134:
3655:"Lenihan on defensive as Nama revises estimates down"
2050:"Government 'squandering' money in bank bailout plan"
690:
The criticisms were disputed by the Government. Then-
3845:"Nama set to shift wealth to lenders and developers"
3375:
2394:"Ireland creates agency to cleanse banks' bad debts"
1826:
668:
Enterprise spokesperson and former Finance Minister
161:
Gníomhaireacht Náisiúnta um Bhainistíocht Sócmhainní
5350:"Kelleher sues Nama for $ 1.2bn over Chicago Spire"
4865:"Why would a Vulture Fund own a Children's Charity"
3028:"Full steam ahead for NAMA as President signs Bill"
2997:"Titles of Acts signed by President McAleese: 2009"
822:Estimated current market value of underlying asset
639:
5960:(Europe, Middle East and North Africa, Asia; 2009)
3603:"Information Booklet: Supplementary Documentation"
1961:
1881:
210:European Union-International Monetary Fund bailout
6075:State-sponsored bodies of the Republic of Ireland
5137:"Project Eagle's potential loss bigger than £190"
4149:"Nama to offer loans to mostly foreign investors"
3557:
3555:
3229:"High Court refuses Carroll bid for examinership"
522:National Asset Management Agency (NAMA) Bill 2009
343:
6056:
5768:
4600:. costarfinance.com. 2 July 2015. Archived from
3114:. Ireland: Brandon/Mount Eagle. pp. 43–45.
2318:Brennan, Joe; Oliver, Emmet (19 February 2010).
1929:"Zoe loan-to-value ratio 1.5 times Nama average"
1865:European sovereign-debt crisis: List of acronyms
838:Potential total book value for transfer to NAMA
806:Net Original Balance excluding Interest roll up
5242:"Both IBRC and NAMA used Section 110 companies"
2320:"Ulster Bank will not take part in NAMA scheme"
1771:It emerged these US "vulture funds" were using
1756:Irish Section 110 Special Purpose Vehicle (SPV)
1657:
712:in economics and former chief economist of the
648:Enterprise, Trade and Employment spokesperson,
5811:American Recovery and Reinvestment Act of 2009
5676:Office of Federal Housing Enterprise Oversight
4818:
4777:
4622:
4130:Dellway Investments & ors v NAMA & ors
3804:"AIB and BoI advised to raise capital quickly"
3732:"European banks need to raise €53bn: JPMorgan"
3552:
2423:
2421:
2388:
2386:
2234:
1806:
1746:for £115m that had had a book value of £226m.
1521:
5457:
4896:"How do vulture funds exploit tax loopholes?"
4439:"'Guerilla gardening' behind tree initiative"
3985:"Annual Report and Financial Statements 2010"
2807:
2317:
1709:
1614:separately from NAMA and had risen to 32% of
1427:
1241:Vulnerable loans / past due loans€, million
1238:Watch loans / lower quality loans€, million
696:Minister for Enterprise, Trade and Employment
5735:Emergency Economic Stabilization Act of 2008
5177:"Forget Apple: Ireland's other taxing issue"
5049:"Speedy probe into vulture funds' tax urged"
4188:
2906:"National Asset Management Agency Bill 2009"
2592:
2089:Fahy, Louisa; Meier, Simone (October 2009).
1749:
1171:Aggregate, 6 Covered Institutions, Adjusted
1142:Aggregate, 6 Covered Institutions, Adjusted
725:New York University Stern School of Business
3729:
2790:. 26 February 2010. para 36. Archived from
2429:"Coughlan defends creation of asset agency"
2418:
2383:
2207:
2201:
2169:"Exchequer Gets Additional €250m from Nama"
2166:
430:
5872:
5826:Fraud Enforcement and Recovery Act of 2009
5750:Term Asset-Backed Securities Loan Facility
5464:
5450:
5313:
4512:"NAMA sells off entire NI loans portfolio"
3490:
2489:
1495:
1062:Based on the information presented in the
761:Supplementary Data and Draft Business Plan
439:Irish Life Investment Managers, a part of
122:National Asset Management Agency Act, 2009
29:
6006:Effects of the Great Recession on museums
5836:Housing and Economic Recovery Act of 2008
5720:China–Japan–South Korea trilateral summit
4400:
4137: (Supreme Court 3 February 2011).
2453:
2271:
2088:
1572:Learn how and when to remove this message
1200:Transfer of derivatives portfolio to NAMA
317:The assets were to be purchased by using
5700:Government policy and spending responses
5666:Government National Mortgage Association
5131:
5087:
5007:
4859:
4359:
4319:. 19 December 2013. ECLI:EU:C:2013:853.
4248:
4146:
3452:"Nationalising banks is the best option"
3186:
3107:
1596:
732:, Professor of political economy at the
347:
5760:2008 United Kingdom bank rescue package
5272:
4893:
4345:. NAMA. 8 December 2011. Archived from
4313:"JUDGMENT OF THE COURT (Grand Chamber)"
4098:"Moody's gives Irish banks junk status"
4055:
3345:
3297:. "Long Term Economic Value and NAMA".
3025:
2934:"NAMA Bill passes first hurdle in Dail"
2462:"Agency to deal with toxic bank assets"
2459:
2132:"Second Section 227 Review - 2014-2018"
1967:
1057:
6057:
5207:
4778:O'Halloran, Barry (29 November 2016).
4695:
3801:
3066:
2668:
2358:
2189:from the original on 30 September 2021
1641:
71:Treasury Dock, North Wall Quay, Dublin
5745:Temporary Liquidity Guarantee Program
5715:Banking (Special Provisions) Act 2008
5698:
5636:Federal Deposit Insurance Corporation
5445:
5208:Boland, Vincent (11 September 2016).
5029:from the original on 14 November 2017
4261:from the original on 28 November 2017
4187:Decision of Sheridan & NAMA text
3937:from the original on 13 October 2009.
3770:
3730:Logutenkova, Elena (5 October 2009).
3711:from the original on 29 December 2009
3363:from the original on 21 February 2011
3189:"Putting manners on the Nama numbers"
3128:from the original on 23 February 2017
3048:from the original on 27 November 2009
3026:Sheahan, Fionnan (23 November 2009).
2954:
2650:from the original on 22 February 2011
2596:; Keenan, Brendan (29 October 2009).
2361:"RBS to exit asset protection scheme"
2030:from the original on 9 September 2009
1795:There was confusion when Dáil deputy
1764:funds (known by the pejorative term "
765:On 16 September 2009, NAMA published
87:€240 million estimated cost per annum
5631:Consumer Financial Protection Bureau
5410:from the original on 9 November 2020
5347:
5266:
4974:
4928:
4916:from the original on 3 February 2017
4736:
4570:
4433:
4382:from the original on 3 February 2012
4078:from the original on 24 October 2012
4037:from the original on 16 October 2011
3865:from the original on 19 January 2013
3824:from the original on 18 October 2012
3583:from the original on 20 October 2012
3307:from the original on 27 January 2016
3209:from the original on 18 October 2012
2638:"NAMA vehicle plan sparks questions"
2299:from the original on 23 October 2010
2167:O'Brien, Ciara (30 September 2021).
2148:from the original on 22 October 2021
2129:
2070:from the original on 1 February 2010
1949:from the original on 20 October 2012
1909:from the original on 16 October 2011
1730:TD in the Dáil. The inquiry, led by
1554:adding citations to reliable sources
1525:
249:
5921:Collateralized mortgage obligations
5471:
5081:
4887:
4360:Carswell, Simon (3 February 2012).
4110:from the original on 30 August 2011
3883:
3802:Taylor, Charlie (10 October 2009).
3693:
3269:"Industries Affecting Loan Chances"
2857:National Treasury Management Agency
2563:
1855:National Treasury Management Agency
1724:Committee for Finance and Personnel
1687:
1475:Capital from a debt-for-equity swap
622:Estimating Long Term Economic Value
556:Defining "long-term economic value"
518:National Treasury Management Agency
330:National Treasury Management Agency
97:National Treasury Management Agency
43:National Treasury Management Agency
13:
5329:from the original on 19 March 2018
5295:from the original on 19 March 2018
5273:Quinlan, Ronald (21 August 2016).
5254:from the original on 19 April 2018
5201:
5169:
5157:from the original on 19 March 2018
5113:from the original on 19 March 2018
5069:from the original on 19 March 2018
5001:
4989:from the original on 12 April 2018
4975:Finn, Christina (5 October 2016).
4956:from the original on 19 March 2018
4841:from the original on 29 April 2017
4819:O'Halloran, Marie (14 July 2016).
4718:from the original on 19 March 2018
4677:from the original on 19 March 2018
4657:
4645:from the original on 15 March 2018
4477:
4459:from the original on 23 March 2012
4415:from the original on 22 March 2012
4401:Armstrong, Frank (19 March 2012).
4293:from the original on 12 March 2016
4230:from the original on 13 April 2014
4056:McManus, John (21 February 2011).
4030:. July 2010. p. 25, para 39.
3925:"Renewed Programme for Government"
3675:from the original on 29 March 2012
3187:Carswell, Simon (15 August 2009).
3001:Office of the President of Ireland
2830:from the original on 25 April 2012
2808:O'Donovan, Donal (24 April 2012).
2731:from the original on 13 April 2018
2441:from the original on 11 April 2009
1089:Aggregate, 6 Covered Institutions
1048:
391:Former Finance Minister, the late
14:
6106:
6095:Organizations established in 2009
6065:Post-2008 Irish economic downturn
6016:2007–2008 world food price crisis
5816:Chinese economic stimulus program
5801:2008 European Union stimulus plan
5725:Commercial Paper Funding Facility
5425:
5222:from the original on 12 June 2018
5189:from the original on 27 June 2018
4623:O'Halloran, Marie (6 July 2017).
4492:from the original on 26 June 2012
4323:from the original on 6 March 2016
3636:. 13 October 2009. Archived from
3275:from the original on 5 April 2019
3168:from the original on 24 July 2009
3148:"Debts force plea for protection"
3089:from the original on 18 June 2012
3067:Whelan, Karl (6 September 2009).
2955:Doyle, Kilian (22 October 2009).
2866:on 31 July 2009 – via NAMA.
2761:from the original on 28 June 2011
2705:. 30 October 2009. Archived from
2010:"Key economists criticising NAMA"
1970:"Opposition criticises Nama Bill"
1700:
1105:Suggested Transfer Value to NAMA
876:recommends a minimum ratio of 4%
6044:List of countries by public debt
5671:National Asset Management Agency
5382:
5370:from the original on 16 May 2018
4894:Brennan, Joe (17 October 2016).
4522:from the original on 11 May 2022
4251:"NAMA vs OCEI costs via Twitter"
4249:Sheridan, Gavin (6 March 2013).
4147:Hennessy, Mark (21 April 2011).
3901:from the original on 7 June 2011
3752:from the original on 11 May 2022
3516:from the original on 5 June 2011
3293:
3249:from the original on 11 May 2022
2977:from the original on 11 May 2022
2669:Ascoli, Luca (16 October 2009).
2618:from the original on 11 May 2022
2371:from the original on 11 May 2022
2359:Thomas, Paul (17 October 2012).
2340:from the original on 11 May 2022
2111:from the original on 5 June 2011
1990:from the original on 11 May 2022
1968:Edwards, Elaine (30 July 2009).
1829:
1530:
1218:The information provided in the
1213:
1078:Risk-Weighted-Assets€, billion
640:Academic and political criticism
306:stake in the lenders. Economist
167:in late 2009 in response to the
149:National Asset Management Agency
5999:2008 Central Asia energy crisis
5916:Collateralized debt obligations
5341:
5307:
5234:
5125:
5041:
4968:
4853:
4812:
4800:from the original on 7 May 2018
4771:
4759:from the original on 7 May 2018
4730:
4689:
4616:
4590:
4564:
4534:
4504:
4471:
4427:
4394:
4353:
4335:
4305:
4273:
4242:
4212:
4181:
4169:from the original on 1 May 2011
4140:
4122:
4090:
4049:
4013:
3977:
3941:
3917:
3877:
3836:
3795:
3764:
3723:
3687:
3647:
3619:
3595:
3528:
3484:
3339:
3287:
3261:
3221:
3180:
3140:
3101:
3060:
3019:
2989:
2948:
2926:
2898:
2870:
2842:
2801:
2773:
2743:
2713:
2691:
2662:
2630:
2586:
2557:
2529:
2460:Labanyi, David (7 April 2009).
2352:
2311:
1738:"Project Albion" portfolio sale
1541:needs additional citations for
854:Price NAMA could pay for loans
612:On 9 September 2009, economist
6090:2009 establishments in Ireland
5806:2008–2009 Keynesian resurgence
5651:Federal Housing Finance Agency
5646:Federal Housing Administration
4696:Guider, Ian (8 January 2017).
3994:. 30 June 2011. Archived from
3958:. 28 July 2011. Archived from
3771:Doyle, Dara (8 October 2009).
3411:. 30 July 2009. Archived from
3409:"Labour Party press statement"
3385:. 31 July 2009. Archived from
2859:. 8 April 2009. Archived from
2402:. 7 April 2009. Archived from
2160:
2123:
2082:
2042:
1921:
1845:Post-2008 Irish banking crisis
344:Master Special Purpose Vehicle
279:. Other institutions, such as
216:net surplus would be €4.65bn.
1:
5821:Economic Stimulus Act of 2008
5755:Troubled Asset Relief Program
5681:Office of Financial Stability
5656:Federal Housing Finance Board
5590:Société Générale trading loss
4737:Paul, Mark (15 August 2016).
4571:Rice, Tom (13 October 2015).
4135: Unreported Murray CJ
3237:. Dublin. 10 September 2009.
2510:. 18 May 2009. Archived from
1937:. Dublin. 23 September 2009.
1897:. Dublin. 17 September 2009.
1875:
704:On 7 October 2009, Professor
219:
5740:Irish emergency budget, 2009
2578:on 1 March 2012 – via
2208:Peter Bacon (8 April 2009).
1850:Irish emergency budget, 2009
1658:Status as a public authority
790:Assets value at origination
511:
7:
5348:Paul, Mark (2 March 2018).
5250:. Dublin. 8 February 2018.
4028:International Monetary Fund
3571:. Dublin. 2 February 2010.
3383:"Fine Gael press statement"
1822:
1807:Garrett Kelleher Litigation
1522:Risk-sharing v ex post levy
1485:Supplementary Data Document
1395:
1392:
1389:
1386:
1374:
1371:
1368:
1365:
1352:
1350:
1347:
1344:
1331:
1328:
1325:
1322:
1309:
1306:
1303:
1300:
1287:
1284:
1281:
1278:
1265:
1262:
1259:
1256:
1220:Supplementary Data Document
1179:
1176:
1173:
1163:
1160:
1150:
1147:
1144:
1134:
1131:
1119:
1107:
1097:
1094:
1091:
1064:Supplementary Data Document
1043:Supplementary Data Document
1032:
1029:
1026:
1014:
1011:
1008:
995:
992:
989:
976:
973:
970:
957:
954:
951:
938:
935:
932:
919:
916:
913:
865:Supplementary Data Document
856:
848:
840:
832:
824:
816:
808:
800:
792:
767:Supplementary Data Document
746:International Monetary Fund
571:Critics say that this is a
480:International Monetary Fund
163:) is a body created by the
10:
6111:
6039:2007–2008 financial crisis
5931:Mortgage-backed securities
5542:Automotive industry crisis
4673:. Dublin. 8 January 2017.
3627:"Draft NAMA Business Plan"
3108:Campbell, William (2010).
2957:"Dáil holding Nama debate"
2018:. Dublin. 27 August 2009.
1753:
1744:Oaktree Capital Management
1710:Northern Ireland loan sale
1428:Raising new equity capital
1244:Impaired loans€, million
1190:Supplemental Data Document
1081:Tier 1 Capital€, billion
898:Tier 1 Capital€, million
853:
845:
837:
830:Interest Roll up Estimate
829:
821:
813:
805:
797:
789:
734:London School of Economics
494:below), the international
6029:
5986:
5944:
5936:Secondary mortgage market
5901:
5857:rescues, and acquisitions
5855:Government interventions,
5854:
5846:Zero interest-rate policy
5793:
5705:
5694:
5623:
5570:
5557:Housing market correction
5534:
5479:
5437:National Asset Management
4584:Northern Ireland Assembly
4546:Northern Ireland Assembly
4286:Courts Service of Ireland
4224:Courts Service of Ireland
3496:"Nama is highway robbery"
2287:. Dublin. 11 April 2009.
2091:"Nama is highway robbery"
1750:Section 110 tax avoidance
1720:Northern Ireland Assembly
1681:European Court of Justice
1235:Net loan book€, million
656:and government minister)
469:typical EU banking limits
409:Central Statistics Office
171:and the deflation of the
129:
115:
91:
83:
75:
67:
57:
49:
37:
28:
5954:(United States; c. 2009)
5686:UK Financial Investments
5571:Banking losses and fraud
5562:Subprime mortgage crisis
5547:California budget crisis
5398:. Dublin. 7 March 2018.
5057:. Dublin. 25 July 2016.
3156:. Dublin. 19 July 2009.
1468:Draft NAMA Business Plan
1458:On 10 October 2009, the
1404:Draft NAMA Business Plan
1194:Draft NAMA Business Plan
798:Approximate average LTV
775:Draft NAMA Business Plan
580:Long Term Economic Value
544:to seek advice from the
431:NAMA's private investors
415:of Ireland by Eurostat.
400:the SPV investment to a
5972:(worldwide; 2011–2012)
5911:Auction rate securities
5641:Federal Home Loan Banks
4944:. Dublin. 2 July 2017.
3315:– via scribd.com.
1792:Investigates programs.
1496:The Draft Business Plan
1443:On 5 October 2009, the
1438:Central Bank of Ireland
358:Special Purpose Vehicle
338:Special Purpose Vehicle
16:State agency in Ireland
6070:2009 in Irish politics
5661:Federal Reserve System
5535:United States-specific
3911:Trinity College Dublin
2721:"NAMA Debt Securities"
1870:Irish Section 110 SPVs
688:
618:Trinity College Dublin
353:
285:Royal Bank of Scotland
169:Irish financial crisis
160:
6011:Decline of newspapers
5958:2009 May Day protests
5904:and financial markets
5794:Stimulus and recovery
5135:(25 September 2016).
4192:(13 September 2011).
3949:"2010 Annual Results"
3704:. The Irish Economy.
3663:. Cork. 6 July 2010.
3634:Department of Finance
3351:"Second Stage Speech"
3349:(16 September 2009).
2508:Department of Finance
2245:(16 September 2009).
2130:NAMA (17 July 2019).
1604:European Central Bank
1597:Operations in 2010-11
1129:Potential Write-Down
1117:Estimated Book Value
684:
627:In his speech to the
620:published a paper on
447:New Ireland Assurance
407:In its analysis, the
351:
241:European Central Bank
173:Irish property bubble
165:government of Ireland
6034:European debt crisis
5926:Credit default swaps
5902:Securities involved
5708:stability and reform
5185:. 6 September 2016.
5054:Sunday Business Post
4863:(24 November 2016).
4703:Sunday Business Post
4026:. Washington, D.C.:
3501:Sunday Business Post
3440:Gurdgiev, Constantin
2687:on 17 February 2010.
2096:Sunday Business Post
1624:capital requirements
1550:improve this article
1058:Analysis of the data
893:Risk-weighted assets
492:covered institutions
292:Minister for Finance
234:capital requirements
186:property development
178:NAMA functions as a
5994:2000s energy crisis
5706:Banking and finance
5624:Government entities
4552:on 20 November 2016
4200:on 12 November 2013
3783:on 5 September 2012
3494:(11 October 2009).
3007:on 28 November 2009
2922:on 20 January 2011.
2797:on 4 November 2012.
2788:European Commission
2709:on 5 November 2009.
2646:. 27 October 2009.
1642:Recent developments
1618:by September 2010.
1451:On 8 October 2009,
878:capital requirement
421:European Commission
300:property developers
25:
6080:Banking in Ireland
5976:Occupy Wall Street
5952:Tea Party protests
5610:Scott W. Rothstein
5323:davidmcwilliams.ie
5280:Sunday Independent
5098:Sunday Independent
5020:stephendonnelly.ie
5011:(September 2016).
4869:stephendonnelly.ie
3615:on 7 October 2009.
3153:Sunday Independent
3074:Sunday Independent
1250:Allied Irish Banks
1207:interest rate swap
907:Allied Irish Banks
652:, said of NAMA: "(
458:Allied Irish Banks
354:
352:NAMA SPV structure
261:Allied Irish Banks
21:
6052:
6051:
6021:Retail apocalypse
5966:(MENA; 2010–2012)
5897:
5896:
5893:
5892:
5789:
5788:
5769:Bank stress tests
5317:(1 August 2016).
5315:McWilliams, David
5142:Irish Independent
5133:Donnelly, Stephen
5089:Donnelly, Stephen
5009:Donnelly, Stephen
4861:Donnelly, Stephen
4604:on 28 August 2016
4106:. 18 April 2011.
4001:on 7 October 2011
3965:on 12 August 2011
3737:Irish Independent
3643:on 13 March 2011.
3492:McWilliams, David
3450:(17 April 2009).
3371:– via NAMA.
3121:978-0-86322-427-0
3033:Irish Independent
2894:on 6 August 2009.
2815:Irish Independent
2727:. 20 April 2010.
2603:Irish Independent
2325:Irish Independent
2055:Irish Independent
2015:Irish Independent
1672:Colm Mac Eochaidh
1665:Aarhus Convention
1582:
1581:
1574:
1445:Irish Independent
1400:
1399:
1342:31 December 2009
1320:31 December 2009
1298:31 December 2009
1276:31 December 2009
1254:31 December 2009
1186:
1185:
1041:According to the
1039:
1038:
987:31 December 2008
861:
860:
846:Haircut on loans
785:Total€, billion
740:In February 2010
573:circular argument
550:constitutionality
250:NAMA's operations
145:
144:
108:, Chief Executive
24:Management Agency
6102:
5945:Social responses
5870:
5869:
5766:
5765:
5696:
5695:
5466:
5459:
5452:
5443:
5442:
5432:Official website
5420:
5419:
5417:
5415:
5386:
5380:
5379:
5377:
5375:
5345:
5339:
5338:
5336:
5334:
5311:
5305:
5304:
5302:
5300:
5270:
5264:
5263:
5261:
5259:
5238:
5232:
5231:
5229:
5227:
5205:
5199:
5198:
5196:
5194:
5173:
5167:
5166:
5164:
5162:
5129:
5123:
5122:
5120:
5118:
5091:(24 July 2016).
5085:
5079:
5078:
5076:
5074:
5045:
5039:
5038:
5036:
5034:
5028:
5017:
5005:
4999:
4998:
4996:
4994:
4972:
4966:
4965:
4963:
4961:
4932:
4926:
4925:
4923:
4921:
4891:
4885:
4884:
4882:
4880:
4871:. Archived from
4857:
4851:
4850:
4848:
4846:
4816:
4810:
4809:
4807:
4805:
4775:
4769:
4768:
4766:
4764:
4734:
4728:
4727:
4725:
4723:
4693:
4687:
4686:
4684:
4682:
4661:
4655:
4654:
4652:
4650:
4620:
4614:
4613:
4611:
4609:
4594:
4588:
4587:
4582:MLA – via
4577:
4568:
4562:
4561:
4559:
4557:
4548:. Archived from
4538:
4532:
4531:
4529:
4527:
4518:. 4 April 2014.
4508:
4502:
4501:
4499:
4497:
4480:"NAMA to Nature"
4475:
4469:
4468:
4466:
4464:
4431:
4425:
4424:
4422:
4420:
4398:
4392:
4391:
4389:
4387:
4357:
4351:
4350:
4349:on 5 April 2012.
4339:
4333:
4332:
4330:
4328:
4309:
4303:
4302:
4300:
4298:
4277:
4271:
4270:
4268:
4266:
4246:
4240:
4239:
4237:
4235:
4216:
4210:
4209:
4207:
4205:
4185:
4179:
4178:
4176:
4174:
4144:
4138:
4132:
4126:
4120:
4119:
4117:
4115:
4094:
4088:
4087:
4085:
4083:
4053:
4047:
4046:
4044:
4042:
4036:
4025:
4017:
4011:
4010:
4008:
4006:
4000:
3989:
3981:
3975:
3974:
3972:
3970:
3964:
3953:
3945:
3939:
3938:
3921:
3915:
3914:
3908:
3906:
3900:
3893:
3885:Honohan, Patrick
3881:
3875:
3874:
3872:
3870:
3840:
3834:
3833:
3831:
3829:
3799:
3793:
3792:
3790:
3788:
3779:. Archived from
3768:
3762:
3761:
3759:
3757:
3727:
3721:
3720:
3718:
3716:
3710:
3703:
3695:Honohan, Patrick
3691:
3685:
3684:
3682:
3680:
3651:
3645:
3644:
3642:
3631:
3623:
3617:
3616:
3614:
3607:
3599:
3593:
3592:
3590:
3588:
3559:
3550:
3549:
3548:on 13 July 2011.
3547:
3540:
3532:
3526:
3525:
3523:
3521:
3488:
3482:
3481:
3479:
3477:
3472:on 15 March 2016
3468:. Archived from
3431:
3425:
3424:
3422:
3420:
3405:
3399:
3398:
3396:
3394:
3389:on 5 August 2009
3379:
3373:
3372:
3370:
3368:
3362:
3355:
3343:
3337:
3336:
3330:
3326:
3324:
3316:
3314:
3312:
3291:
3285:
3284:
3282:
3280:
3265:
3259:
3258:
3256:
3254:
3225:
3219:
3218:
3216:
3214:
3184:
3178:
3177:
3175:
3173:
3144:
3138:
3137:
3135:
3133:
3105:
3099:
3098:
3096:
3094:
3064:
3058:
3057:
3055:
3053:
3023:
3017:
3016:
3014:
3012:
3003:. Archived from
2993:
2987:
2986:
2984:
2982:
2952:
2946:
2945:
2944:on 14 June 2011.
2940:. Archived from
2938:businessworld.ie
2930:
2924:
2923:
2921:
2915:. Archived from
2910:
2902:
2896:
2895:
2893:
2887:. Archived from
2882:
2874:
2868:
2867:
2865:
2854:
2846:
2840:
2839:
2837:
2835:
2805:
2799:
2798:
2796:
2785:
2777:
2771:
2770:
2768:
2766:
2747:
2741:
2740:
2738:
2736:
2717:
2711:
2710:
2695:
2689:
2688:
2686:
2680:. Archived from
2675:
2666:
2660:
2659:
2657:
2655:
2634:
2628:
2627:
2625:
2623:
2590:
2584:
2583:
2577:
2571:. Archived from
2570:
2561:
2555:
2554:
2553:on 1 March 2012.
2552:
2546:. Archived from
2541:
2533:
2527:
2526:
2524:
2522:
2517:on 10 April 2009
2516:
2501:
2493:
2487:
2486:
2484:
2482:
2457:
2451:
2450:
2448:
2446:
2437:. 9 April 2009.
2425:
2416:
2415:
2413:
2411:
2390:
2381:
2380:
2378:
2376:
2356:
2350:
2349:
2347:
2345:
2315:
2309:
2308:
2306:
2304:
2275:
2269:
2268:
2266:
2264:
2258:
2252:. Archived from
2251:
2238:
2232:
2231:
2229:
2227:
2221:
2215:. Archived from
2214:
2205:
2199:
2198:
2196:
2194:
2164:
2158:
2157:
2155:
2153:
2147:
2136:
2127:
2121:
2120:
2118:
2116:
2086:
2080:
2079:
2077:
2075:
2046:
2040:
2039:
2037:
2035:
2006:
2000:
1999:
1997:
1995:
1965:
1959:
1958:
1956:
1954:
1925:
1919:
1918:
1916:
1914:
1885:
1839:
1834:
1833:
1832:
1813:Garrett Kelleher
1797:Stephen Donnelly
1782:Stephen Donnelly
1776:Section 110 SPVs
1688:Geoghegan Review
1577:
1570:
1566:
1563:
1557:
1534:
1526:
1338:Irish Nationwide
1294:Anglo Irish Bank
1226:
1225:
1073:
1072:
983:Irish Nationwide
945:Anglo Irish Bank
883:
882:
780:
779:
708:, winner of the
546:Council of State
319:government bonds
277:Irish Nationwide
265:Anglo Irish Bank
141:
138:
136:
106:Brendan McDonagh
53:21 December 2009
33:
26:
20:
6110:
6109:
6105:
6104:
6103:
6101:
6100:
6099:
6055:
6054:
6053:
6048:
6025:
5982:
5970:Occupy movement
5940:
5903:
5889:
5868:
5856:
5850:
5785:
5764:
5707:
5701:
5690:
5619:
5566:
5530:
5475:
5473:Great Recession
5470:
5428:
5423:
5413:
5411:
5395:The Irish Times
5388:
5387:
5383:
5373:
5371:
5355:The Irish Times
5346:
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5298:
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5225:
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5215:Financial Times
5206:
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5192:
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5175:
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5170:
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5116:
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5015:
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4992:
4990:
4973:
4969:
4959:
4957:
4941:The Irish Times
4934:
4933:
4929:
4919:
4917:
4901:The Irish Times
4892:
4888:
4878:
4876:
4875:on 11 June 2018
4858:
4854:
4844:
4842:
4826:The Irish Times
4817:
4813:
4803:
4801:
4785:The Irish Times
4776:
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4744:The Irish Times
4735:
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4630:The Irish Times
4621:
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4525:
4523:
4516:breakingnews.ie
4510:
4509:
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4493:
4476:
4472:
4462:
4460:
4444:The Irish Times
4435:McDonald, Frank
4432:
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4416:
4399:
4395:
4385:
4383:
4367:The Irish Times
4358:
4354:
4341:
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4326:
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4317:curia.europa.eu
4311:
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4279:
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4274:
4264:
4262:
4247:
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4218:
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4203:
4201:
4190:O'Reilly, Emily
4186:
4182:
4172:
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4154:The Irish Times
4145:
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4063:The Irish Times
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3850:The Irish Times
3841:
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3809:The Irish Times
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3568:The Irish Times
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3473:
3457:The Irish Times
3448:Ó Gráda, Cormac
3436:O'Rourke, Kevin
3432:
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3234:The Irish Times
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3194:The Irish Times
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2962:The Irish Times
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2757:. 23 May 2011.
2749:
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2703:news.eircom.net
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2564:Keating, Bill.
2562:
2558:
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2535:
2534:
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2467:The Irish Times
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2365:Money Marketing
2357:
2353:
2343:
2341:
2316:
2312:
2302:
2300:
2284:The Irish Times
2277:
2276:
2272:
2262:
2260:
2259:on 21 July 2011
2256:
2249:
2239:
2235:
2225:
2223:
2222:on 21 July 2011
2219:
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2192:
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2174:The Irish Times
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2008:
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1975:The Irish Times
1966:
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1934:The Irish Times
1927:
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1894:The Irish Times
1887:
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1878:
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1828:
1825:
1809:
1762:distressed debt
1758:
1752:
1740:
1712:
1703:
1690:
1660:
1644:
1608:Great Recession
1599:
1578:
1567:
1561:
1558:
1547:
1535:
1524:
1498:
1477:
1434:Patrick Honohan
1430:
1272:Bank of Ireland
1232:Date of report
1216:
1202:
1060:
1051:
1049:Market response
926:Bank of Ireland
889:Date of report
763:
723:, Professor at
721:Nouriel Roubini
706:Joseph Stiglitz
679:The Irish Times
642:
558:
514:
505:
496:rating agencies
451:Bank of Ireland
433:
402:government bond
346:
257:Bank of Ireland
252:
222:
203:Joseph Stiglitz
196:. The original
133:
125:
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17:
12:
11:
5:
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5987:Related topics
5984:
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5887:
5885:General Motors
5882:
5876:
5874:
5867:
5866:
5860:
5858:
5852:
5851:
5849:
5848:
5843:
5838:
5833:
5831:Green New Deal
5828:
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5818:
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5808:
5803:
5797:
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5615:Allen Stanford
5612:
5607:
5602:
5597:
5592:
5587:
5586:
5585:
5574:
5572:
5568:
5567:
5565:
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5559:
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5552:Housing bubble
5549:
5544:
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5426:External links
5424:
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4478:Murray, John.
4470:
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4393:
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3660:Irish Examiner
3646:
3618:
3594:
3551:
3527:
3483:
3426:
3415:on 5 June 2011
3400:
3374:
3347:Lenihan, Brian
3338:
3329:|website=
3286:
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2755:NAMA wine lake
2742:
2725:NAMA wine lake
2712:
2690:
2661:
2629:
2585:
2556:
2528:
2488:
2452:
2417:
2406:on 30 May 2012
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1701:NAMA to Nature
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949:31 March 2009
947:
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930:31 March 2009
928:
922:
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899:
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869:Tier 1 capital
859:
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794:
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787:
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783:
762:
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682:that they saw
641:
638:
557:
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548:regarding its
513:
510:
504:
501:
473:bridging loans
461:
460:
454:
444:
432:
429:
395:believed that
345:
342:
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227:non-performing
221:
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22:National Asset
15:
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5616:
5613:
5611:
5608:
5606:
5603:
5601:
5600:Bernie Madoff
5598:
5596:
5595:Forex scandal
5593:
5591:
5588:
5584:
5581:
5580:
5579:
5578:Libor scandal
5576:
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5507:
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5502:South America
5500:
5498:
5497:United States
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4982:TheJournal.ie
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4599:
4593:
4585:
4581:
4574:
4567:
4551:
4547:
4543:
4537:
4521:
4517:
4513:
4507:
4491:
4487:
4486:
4481:
4474:
4458:
4454:
4450:
4446:
4445:
4440:
4436:
4430:
4414:
4410:
4409:
4408:TheJournal.ie
4404:
4397:
4381:
4377:
4373:
4369:
4368:
4363:
4356:
4348:
4344:
4338:
4322:
4318:
4314:
4308:
4292:
4288:
4287:
4282:
4276:
4260:
4256:
4252:
4245:
4229:
4225:
4221:
4215:
4199:
4195:
4191:
4184:
4168:
4164:
4160:
4156:
4155:
4150:
4143:
4136:
4131:
4125:
4109:
4105:
4104:
4099:
4093:
4077:
4073:
4069:
4065:
4064:
4059:
4052:
4033:
4029:
4022:
4016:
3997:
3993:
3986:
3980:
3961:
3957:
3950:
3944:
3936:
3932:
3931:
3926:
3920:
3912:
3897:
3890:
3886:
3880:
3864:
3860:
3856:
3852:
3851:
3846:
3839:
3823:
3819:
3815:
3811:
3810:
3805:
3798:
3782:
3778:
3774:
3767:
3751:
3747:
3743:
3739:
3738:
3733:
3726:
3707:
3700:
3696:
3690:
3674:
3670:
3666:
3662:
3661:
3656:
3650:
3639:
3635:
3628:
3622:
3611:
3604:
3598:
3582:
3578:
3574:
3570:
3569:
3564:
3558:
3556:
3544:
3537:
3531:
3515:
3511:
3507:
3503:
3502:
3497:
3493:
3487:
3471:
3467:
3463:
3459:
3458:
3453:
3449:
3445:
3444:Deegan, James
3441:
3437:
3430:
3414:
3410:
3404:
3388:
3384:
3378:
3359:
3352:
3348:
3342:
3334:
3322:
3306:
3302:
3301:
3296:
3290:
3274:
3270:
3264:
3248:
3244:
3240:
3236:
3235:
3230:
3224:
3208:
3204:
3200:
3196:
3195:
3190:
3183:
3167:
3163:
3159:
3155:
3154:
3149:
3143:
3127:
3123:
3117:
3113:
3112:
3104:
3088:
3084:
3080:
3076:
3075:
3070:
3063:
3047:
3043:
3039:
3035:
3034:
3029:
3022:
3006:
3002:
2998:
2992:
2976:
2972:
2968:
2964:
2963:
2958:
2951:
2943:
2939:
2935:
2929:
2918:
2914:
2907:
2901:
2890:
2886:
2879:
2873:
2862:
2858:
2851:
2845:
2829:
2825:
2821:
2817:
2816:
2811:
2804:
2793:
2789:
2782:
2776:
2760:
2756:
2752:
2746:
2730:
2726:
2722:
2716:
2708:
2704:
2700:
2694:
2683:
2679:
2672:
2665:
2649:
2645:
2644:
2639:
2633:
2617:
2613:
2609:
2605:
2604:
2599:
2595:
2594:Molony, Senan
2589:
2581:
2574:
2567:
2560:
2549:
2545:
2538:
2532:
2513:
2509:
2505:
2498:
2492:
2477:
2473:
2469:
2468:
2463:
2456:
2440:
2436:
2435:
2430:
2424:
2422:
2405:
2401:
2400:
2395:
2389:
2387:
2370:
2366:
2362:
2355:
2339:
2335:
2331:
2327:
2326:
2321:
2314:
2298:
2294:
2290:
2286:
2285:
2280:
2274:
2255:
2248:
2244:
2243:Brian Lenihan
2237:
2218:
2211:
2204:
2188:
2184:
2180:
2176:
2175:
2170:
2163:
2144:
2140:
2133:
2126:
2110:
2106:
2102:
2098:
2097:
2092:
2085:
2069:
2065:
2061:
2057:
2056:
2051:
2045:
2029:
2025:
2021:
2017:
2016:
2011:
2005:
1989:
1985:
1981:
1977:
1976:
1971:
1964:
1948:
1944:
1940:
1936:
1935:
1930:
1924:
1908:
1904:
1900:
1896:
1895:
1890:
1884:
1880:
1871:
1868:
1866:
1863:
1861:
1858:
1856:
1853:
1851:
1848:
1846:
1843:
1842:
1838:
1827:
1820:
1818:
1817:Chicago Spire
1814:
1804:
1801:
1800:Finance Act.
1798:
1793:
1791:
1788:
1783:
1779:
1777:
1774:
1769:
1767:
1766:vulture funds
1763:
1757:
1747:
1745:
1735:
1733:
1729:
1725:
1721:
1716:
1707:
1698:
1694:
1685:
1682:
1676:
1673:
1668:
1667:into EU law.
1666:
1655:
1653:
1648:
1639:
1637:
1633:
1627:
1625:
1619:
1617:
1611:
1609:
1605:
1594:
1590:
1586:
1576:
1573:
1565:
1562:February 2023
1555:
1551:
1545:
1544:
1539:This section
1537:
1533:
1528:
1527:
1519:
1515:
1511:
1507:
1504:
1493:
1489:
1486:
1482:
1472:
1469:
1464:
1461:
1456:
1454:
1453:Brian Lenihan
1449:
1446:
1441:
1439:
1435:
1425:
1422:
1421:Brian Lenihan
1416:
1412:
1408:
1405:
1384:
1382:
1379:
1378:
1363:30 June 2009
1362:
1360:
1357:
1356:
1341:
1339:
1336:
1335:
1319:
1317:
1316:Permanent TSB
1314:
1313:
1297:
1295:
1292:
1291:
1275:
1273:
1270:
1269:
1253:
1251:
1248:
1247:
1243:
1240:
1237:
1234:
1231:
1228:
1227:
1224:
1221:
1214:Post transfer
1211:
1208:
1197:
1195:
1191:
1182:
1170:
1169:
1166:
1157:
1156:
1153:
1141:
1140:
1137:
1128:
1127:
1124:
1122:
1116:
1115:
1112:
1110:
1104:
1103:
1100:
1088:
1087:
1084:Tier 1 ratio
1083:
1080:
1077:
1075:
1074:
1071:
1067:
1065:
1055:
1046:
1044:
1035:
1024:
1022:
1019:
1018:
1006:30 June 2009
1005:
1003:
1000:
999:
986:
984:
981:
980:
968:30 June 2009
967:
965:
964:Permanent TSB
962:
961:
948:
946:
943:
942:
929:
927:
924:
923:
911:30 June 2009
910:
908:
905:
904:
901:Tier 1 ratio
900:
897:
894:
891:
888:
885:
884:
881:
879:
875:
870:
866:
852:
844:
836:
828:
820:
812:
804:
796:
788:
784:
782:
781:
778:
776:
771:
768:
758:
755:
754:Brian Lenihan
749:
747:
743:
738:
735:
731:
730:Willem Buiter
726:
722:
717:
715:
711:
707:
702:
700:
699:Mary Coughlan
697:
693:
687:
683:
681:
680:
674:
671:
667:
662:
659:
655:
651:
647:
637:
634:
630:
625:
623:
619:
615:
610:
608:
607:Supreme Court
604:
600:
596:
592:
587:
585:
581:
576:
574:
569:
567:
563:
553:
551:
547:
543:
539:
538:Mary McAleese
535:
531:
527:
523:
519:
509:
500:
497:
493:
487:
485:
481:
476:
474:
470:
466:
459:
455:
452:
448:
445:
442:
441:Permanent TSB
438:
437:
436:
428:
426:
422:
416:
414:
413:national debt
410:
405:
403:
398:
397:pension funds
394:
393:Brian Lenihan
389:
385:
382:
378:
373:
371:
365:
363:
359:
350:
341:
339:
333:
331:
326:
324:
323:national debt
320:
315:
313:
312:nationalising
309:
305:
301:
297:
296:Brian Lenihan
293:
288:
286:
282:
278:
274:
273:Permanent TSB
270:
266:
262:
258:
247:
245:
242:
237:
235:
230:
228:
217:
213:
211:
206:
204:
199:
195:
194:Irish economy
191:
187:
183:
182:
176:
174:
170:
166:
162:
158:
154:
150:
140:
132:
128:
121:
120:
118:
114:
107:
104:
103:
101:
98:
94:
90:
86:
84:Annual budget
82:
78:
74:
70:
66:
63:
60:
56:
52:
48:
44:
40:
36:
32:
27:
19:
5670:
5412:. Retrieved
5393:
5384:
5372:. Retrieved
5353:
5343:
5331:. Retrieved
5322:
5309:
5297:. Retrieved
5278:
5268:
5256:. Retrieved
5245:
5236:
5224:. Retrieved
5213:
5203:
5191:. Retrieved
5180:
5171:
5159:. Retrieved
5140:
5127:
5115:. Retrieved
5096:
5083:
5071:. Retrieved
5052:
5043:
5031:. Retrieved
5019:
5003:
4991:. Retrieved
4980:
4970:
4958:. Retrieved
4939:
4930:
4918:. Retrieved
4899:
4889:
4877:. Retrieved
4873:the original
4868:
4855:
4843:. Retrieved
4824:
4814:
4802:. Retrieved
4783:
4773:
4761:. Retrieved
4742:
4732:
4720:. Retrieved
4701:
4691:
4679:. Retrieved
4668:
4659:
4647:. Retrieved
4628:
4618:
4606:. Retrieved
4602:the original
4592:
4580:Daithí McKay
4578:. Letter to
4566:
4554:. Retrieved
4550:the original
4536:
4524:. Retrieved
4515:
4506:
4494:. Retrieved
4483:
4473:
4461:. Retrieved
4442:
4429:
4417:. Retrieved
4406:
4396:
4384:. Retrieved
4365:
4355:
4347:the original
4337:
4325:. Retrieved
4316:
4307:
4295:. Retrieved
4284:
4275:
4263:. Retrieved
4254:
4244:
4232:. Retrieved
4214:
4202:. Retrieved
4198:the original
4183:
4171:. Retrieved
4152:
4142:
4129:
4124:
4112:. Retrieved
4101:
4092:
4080:. Retrieved
4061:
4051:
4039:. Retrieved
4015:
4003:. Retrieved
3996:the original
3991:
3979:
3967:. Retrieved
3960:the original
3955:
3943:
3928:
3919:
3909:– via
3903:. Retrieved
3879:
3867:. Retrieved
3848:
3838:
3826:. Retrieved
3807:
3797:
3785:. Retrieved
3781:the original
3776:
3766:
3754:. Retrieved
3735:
3725:
3713:. Retrieved
3689:
3677:. Retrieved
3658:
3649:
3638:the original
3621:
3610:the original
3597:
3585:. Retrieved
3566:
3543:the original
3530:
3518:. Retrieved
3499:
3486:
3474:. Retrieved
3470:the original
3455:
3429:
3417:. Retrieved
3413:the original
3403:
3391:. Retrieved
3387:the original
3377:
3365:. Retrieved
3341:
3311:10 September
3309:. Retrieved
3299:
3295:Lane, Philip
3289:
3277:. Retrieved
3263:
3251:. Retrieved
3232:
3223:
3211:. Retrieved
3192:
3182:
3170:. Retrieved
3151:
3142:
3130:. Retrieved
3110:
3103:
3091:. Retrieved
3072:
3062:
3050:. Retrieved
3031:
3021:
3009:. Retrieved
3005:the original
3000:
2991:
2979:. Retrieved
2960:
2950:
2942:the original
2937:
2928:
2917:the original
2912:
2900:
2889:the original
2884:
2872:
2861:the original
2844:
2832:. Retrieved
2813:
2803:
2792:the original
2775:
2763:. Retrieved
2754:
2745:
2733:. Retrieved
2724:
2715:
2707:the original
2702:
2693:
2682:the original
2664:
2652:. Retrieved
2641:
2632:
2620:. Retrieved
2601:
2588:
2573:the original
2559:
2548:the original
2531:
2519:. Retrieved
2512:the original
2503:
2491:
2479:. Retrieved
2465:
2455:
2443:. Retrieved
2432:
2408:. Retrieved
2404:the original
2397:
2373:. Retrieved
2364:
2354:
2342:. Retrieved
2323:
2313:
2301:. Retrieved
2282:
2273:
2261:. Retrieved
2254:the original
2236:
2224:. Retrieved
2217:the original
2203:
2191:. Retrieved
2172:
2162:
2150:. Retrieved
2138:
2125:
2113:. Retrieved
2094:
2084:
2072:. Retrieved
2053:
2044:
2034:15 September
2032:. Retrieved
2013:
2004:
1994:15 September
1992:. Retrieved
1973:
1963:
1951:. Retrieved
1932:
1923:
1913:26 September
1911:. Retrieved
1892:
1883:
1837:Banks portal
1810:
1802:
1794:
1780:
1770:
1759:
1741:
1732:Daithí McKay
1728:Mick Wallace
1717:
1713:
1704:
1695:
1691:
1677:
1669:
1661:
1649:
1645:
1628:
1620:
1612:
1600:
1591:
1587:
1583:
1568:
1559:
1548:Please help
1543:verification
1540:
1516:
1512:
1508:
1499:
1490:
1484:
1480:
1478:
1467:
1465:
1459:
1457:
1450:
1444:
1442:
1431:
1417:
1413:
1409:
1403:
1401:
1380:
1229:Institution
1219:
1217:
1203:
1193:
1189:
1187:
1180:
1151:
1098:
1068:
1063:
1061:
1052:
1042:
1040:
1033:
1020:
895:, € million
886:Institution
864:
862:
774:
772:
766:
764:
750:
739:
718:
703:
689:
685:
677:
675:
670:Ruairi Quinn
666:Labour Party
663:
658:Willie O'Dea
650:Leo Varadkar
643:
626:
621:
611:
603:Frank Clarke
591:Liam Carroll
588:
583:
579:
577:
570:
566:market value
559:
542:Labour Party
536:, President
521:
515:
506:
491:
488:
477:
462:
449:, a part of
434:
417:
406:
390:
386:
374:
366:
355:
334:
327:
316:
289:
253:
238:
231:
223:
214:
207:
184:, acquiring
179:
177:
152:
148:
146:
116:Key document
93:State Agency
68:Headquarters
58:Jurisdiction
39:State Agency
18:
5964:Arab Spring
5873:Non-banking
5605:Tom Petters
4386:20 February
4255:thestory.ie
4082:20 February
3930:Green Party
3869:20 February
3828:20 February
3253:20 February
3213:20 February
3093:7 September
3052:24 November
2981:20 February
1953:20 February
1860:Toxic asset
1632:junk status
1481:Irish Times
1460:Irish Times
863:Within the
742:Brian Cowen
710:Nobel Prize
654:Fianna Fáil
614:Philip Lane
595:an examiner
425:corporation
314:the banks.
308:Peter Bacon
281:Ulster Bank
6059:Categories
5358:. Dublin.
5283:. Dublin.
5218:. London.
5145:. Dublin.
5101:. Dublin.
4985:. Dublin.
4904:. Dublin.
4829:. Dublin.
4788:. Dublin.
4747:. Dublin.
4706:. Dublin.
4633:. Dublin.
4447:. Dublin.
4411:. Dublin.
4370:. Dublin.
4157:. Dublin.
4066:. Dublin.
4041:13 October
3905:12 October
3853:. Dublin.
3812:. Dublin.
3756:11 October
3740:. Dublin.
3715:12 October
3632:. Dublin:
3520:12 October
3504:. Dublin.
3460:. Dublin.
3367:22 October
3279:15 October
3197:. Dublin.
3172:12 October
3111:Here's How
3077:. Dublin.
3036:. Dublin.
2965:. Dublin.
2818:. Dublin.
2654:15 October
2622:29 October
2606:. Dublin.
2504:Budget FAQ
2470:. Dublin.
2328:. Dublin.
2193:14 October
2177:. Dublin.
2152:14 October
2099:. Dublin.
2058:. Dublin.
1978:. Dublin.
1876:References
1790:Prime Time
1754:See also:
714:World Bank
599:High Court
534:Oireachtas
467:way above
244:repo loans
220:Background
198:book value
6085:Bad banks
5583:Tom Hayes
5480:By region
5404:0791-5144
5364:0791-5144
5289:0039-5218
5151:0021-1222
5107:0039-5218
5063:0791-2617
4950:0791-5144
4910:0791-5144
4835:0791-5144
4794:0791-5144
4753:0791-5144
4712:0791-2617
4639:0791-5144
4608:26 August
4453:0791-5144
4376:0791-5144
4163:0791-5144
4114:25 August
4072:0791-5144
3859:0791-5144
3818:0791-5144
3777:Bloomberg
3746:0021-1222
3669:1393-9564
3577:0791-5144
3510:0791-2617
3476:15 August
3466:0791-5144
3419:15 August
3393:15 August
3331:ignored (
3321:cite book
3243:0791-5144
3203:0791-5144
3162:0039-5218
3083:0039-5218
3042:0021-1222
2971:0791-5144
2824:0021-1222
2612:0021-1222
2476:0791-5144
2334:0021-1222
2293:0791-5144
2263:7 October
2241:Minister
2226:7 October
2183:0791-5144
2105:0791-2617
2064:0021-1222
2024:0021-1222
1984:0791-5144
1943:0791-5144
1903:0791-5144
1652:mortgages
1503:Swap rate
646:Fine Gael
512:Timetable
465:geared up
377:investors
99:executive
76:Employees
5880:Chrysler
5492:Americas
5408:Archived
5368:Archived
5333:18 April
5327:Archived
5299:18 April
5293:Archived
5258:18 April
5252:Archived
5247:RTÉ News
5226:18 April
5220:Archived
5187:Archived
5182:BBC News
5161:18 April
5155:Archived
5117:18 April
5111:Archived
5073:18 April
5067:Archived
5033:18 April
5024:Archived
4993:18 April
4987:Archived
4960:18 April
4954:Archived
4920:18 April
4914:Archived
4879:18 April
4845:18 April
4839:Archived
4804:18 April
4798:Archived
4763:18 April
4757:Archived
4722:18 April
4716:Archived
4681:18 April
4675:Archived
4649:18 April
4643:Archived
4526:12 April
4520:Archived
4496:26 March
4490:Archived
4463:26 March
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