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in Wonderland admin House prices could lose half their value, says Goodbody’s THE Government has forced NAMA to use out-of-date, inaccurate information to overvalue bank loans, according to Fine Gael’s Michael Noonan.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matters even worse is the fact that NAMA is forced by the Government legislation to estimate this long-term value using outdated and inaccurate information.“Only last week the ESRI predicted that the Irish labour force and population would shrink in the coming years because of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 Email Twitter NewsLocal NewsNoonan fears further pain for taxpayers’By admin – July 22, 2010 507 Print Facebook
[asset|aid=1357|format=mp3player|formatter=asset_bonus|title=70cc6f1778307aba4bb9cd80bf86ad5f-Bruce – Fika 1_1_Pub.mp3]Fika is a member of the Girl Guides of Canada and was a member of the Sunrise Rotary Club. Photo: Grace Fika shares a laugh with Mayor Bruce Lantz, as Councilor Lori Ackerman (background) gives Fika a standing ovation – Christine Rumleskie/Energeticcity.caFort St. John Council members honored a long-time employee on Monday night.- Advertisement -Manager of Human Resources, Grace Fika, has been with the city for 30 years. She started on May 7th, 1979, as a Traffic Officer for Fort St. John. On October 1st, 1985, she was awarded the Accounting Clerk One Position with the city, and worked her way through the finance department to become the Acting Deputy Treasurer Collector in May of 1998.On August 24th 1998, she was awarded her current position of Manager of Human Resources.Prior to her current job, she worked with the BCGEU. She was the Steward and Member of the Bargaining Committee and then the Local Chair Person. She is responsible for Fort St. John’s Super Host business status.In a brief speech, Mayor Bruce Lantz said it was hard to sum up Fika’s qualifications in a short amount of time.Advertisement
Minister of Foreign Affairs and Foreign Trade, Senator the Hon. Kamina Johnson Smith (left) conversing with Secretary General, CARICOM and the Caribbean Forum of the African, Caribbean and Pacific Group of States (CARIFORUM) Ambassador Irwin LaRocque, during the meeting of the CARIFORUM Post-Cotonou Caucus of Ministers at The Jamaica Pegasus hotel in New Kingston on April 14. Minister of Foreign Affairs and Foreign Trade, Senator the Hon. Kamina Johnson Smith (right) addressing the Caribbean Forum of the African, Caribbean and Pacific Group of States (CARIFORUM) Post-Cotonou Caucus of Ministers at The Jamaica Pegasus hotel in New Kingston on April 14. At right is Director General, CARIFORUM, Percival Marie.