Noonan fears further pain for taxpayers’

first_img Previous articleThreat to future of St Paul’s Nursing HomeNext articleWillie in Wonderland admin House prices could lose half their value, says Goodbody’s THE Government has forced NAMA to use out-of-date, inaccurate information to  overvalue bank loans, according to Fine Gael’s Michael Noonan. Goodbody’s prediction that house prices will end up falling by 50% before levelling  out, he said, spells yet more  trouble  for  NAMA and further pain for taxpayers,  “The  prediction that house prices will lose half their value is desperate news for struggling homeowners.  This  outcome would send thousands more tumbling into negative equity.Sign up for the weekly Limerick Post newsletter Sign Up “The  consequences for  NAMA and the taxpayer are equally worrying. NAMA’s so-called  ‘business  plan’ is based on the assumption that property prices will  rise  from  the  levels  of  last November – the reference period for determining  the  current market values of the banks’ toxic developer loans that  NAMA  is  buying.“ But  according  to  Goodbody’s,  house prices have continued to plummet since then and are set to fall by a further 16% in the immediate future”.It was bad enough, continued deputy Noonan, that the taxpayer was being forced to pay far more than current  market  values  for  toxic  developer loans in a tumbling property market on the basis of their ‘long-term economic value.“But making matters even worse is the fact that NAMA is forced by the Government legislation to estimate  this  long-term value using outdated and inaccurate information.“Only last week  the  ESRI  predicted  that  the  Irish  labour force and population would  shrink  in the coming years because of recession-related emigration. This will mean lower demand for property. But in estimating the long-term value  of the property-related assets that it is buying, NAMA is prevented from using economic and demographic projections from beyond last January.  At  that  time, the CSO was still predicting a growing population for Ireland in the coming years”.There were, he continued, certain accountancy rules which require banks to  state  their  asset  value  on the date of audit, and prevent them from predicting a declining market, but that no such constraints applied to NAMA. “The  chances  of NAMA recovering taxpayers’ money, he concluded, seemed slimmer by the day. Advertisement WhatsApp Linkedin Emailcenter_img Twitter NewsLocal NewsNoonan fears further pain for taxpayers’By admin – July 22, 2010 507 Print Facebooklast_img read more

College cyclists stop in Fort St. John over weekend on journey to fight cancer

first_imgThe organization has a travel committee in charge of finding accommodations in every city they stop. In the United States they most often stay in individual host homes, community and recreation centres as well as high school gyms with some occasional camping. After the Fort St. John stay the Texas 4000 riders will spend most of their nights camping given how scarce hosting options are the rest of the way.Riders can only take part in the event once based on the 18 months of training required leading up to the ride. Riders are required to raise $4,500. The current batch of Texas 4000 riders just broke the fundraising record for the organization as they’ve raised over $589,000 and are hoping to reach $600,000 by the time the ride reaches its conclusion. For more information on Texas 4000 click here. There are three routes which make up the annual ride and Fort St. John is part of the Ozarks route which travels through places such as Illinois, Wisconsin, Manitoba, Alberta, and B.C. before travelling through the Yukon and reaching Alaska. The Ozarks route itself is relatively new as this is only the second year it’s been part of Texas 4000.Kevin Helgren is the media and public relations director for the Ozarks route. He says the ride is an annual event which intends to cover a number of aspects relating to cancer.“Texas 4000 is a 501C non profit organization that started back in 2004 at the University of Texas at Austin. Every summer we send a team of college students from Austin, Texas to Anchorage, Alaska on a 70 day, more than 4,500 mile charity bike ride in an effort to spread our three pillars, hope, knowledge, and charity by doing things like fundraising for cancer research and spreading awareness through programs we give in local communities,” Helgren said.- Advertisement -Those on the Ozarks route average 75-85 miles a day, though the longest stretch of the route is a ride from Champagne, Illinois to Chicago, Illinois which was 135 miles.He adds that the ride did get to be more of a challenge in B.C. considering the varying elevation and weather patterns.“Cooler weather we don’t typically have a problem with. Issues arise whenever you take lower temperatures and add water to it just because that’s not something we’re necessarily accustomed to. I will say things got rough when we entered British Columbia. The elevation coming into Fort St. John definitely presented some problems but weather wise whenever you start to add water, a lot of gravel on the road, they definitely present problems,” Helgren explained. Advertisementlast_img read more