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in Wonderland admin House prices could lose half their value, says Goodbody’s THE Government has forced NAMA to use out-of-date, inaccurate information to  overvalue bank loans, according to Fine Gael’s Michael Noonan.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even worse is the fact that NAMA is forced by the Government legislation to estimate  this  long-term value using outdated and inaccurate information.“Only last week  the  ESRI  predicted  that  the  Irish  labour force and population would  shrink  in the coming years because of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

THIS WEEK: Airtel resumes Cranes’ sponsorship

first_imgAirtel will contribute a total of shs 10 billion towards the Uganda Cranes for the next 4 years that will be shs 2.5 billion every year.THIS WEEK: Airtel resumes Cranes’ sponsorshipKampala, Uganda | THE INDEPENDENT | Airtel Uganda has resumed sponsorship of the National Football team – the Cranes sponsorship with Shs10billion.This meant that the Telecom Company has renewed its ongoing partnership with the Federation of Uganda Football Association (FUFA) as the official sponsor of the team for another four years. In addition to the national team that the company started sponsoring in 2013, it also sponsors the Uganda Cup and the FUFA Big League. Charles Bakkabulindi, the minister of state for sports commended Airtel. “We are grateful to see an international brand like Airtel sharing the passion and love that we have for this team by sponsoring them,” Bakabulindi said.Airtel’s Managing Director, V.G. Somasekhar said that since Airtel signed the partnership agreement with the Uganda Cranes national team, it has enjoyed a long list of successes both for the team and for the individual players. “To us, this is an indication that a strong partner that believes in you is a key component of success,” he said.Share on: WhatsApplast_img read more

Adopt-A-Pet Dog of the Week

first_imgFacebook50Tweet0Pin0 Submitted by Adopt-A-Pet of SheltonLook at that happy face! Sattin is a young Labrador Retriever mix with a beautiful black shiny coat and sparkling brown eyes. This energetic young girl is about 18 months old. She is still learning and needs a patient owner who will continue to work with her and give her lots of attention, exercise, and love.Sattin is a work in progress but everyone who has worked with her can see so much potential if she can be kept busy and out of trouble. She would probably do best with an active family who can spend time training and exercising this smart, athletic girl. We would not recommend young children because of her high energy level.For the right family who can let Sattin enjoy the pleasures of being a young and playful dog while working with her to learn self-control, Sattin could be the dog you have always been looking for.We have lots of great dogs at our dog shelter on Jensen Road in Shelton, which we list on our website at www.adoptapet-wa.org and on our Facebook page.  We always welcome volunteers and donations to help care for them.  Contact us at www.adoptapet-wa.org or contact us at [email protected] or (360) 432-3091.last_img read more