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THE BANKING INQUIRY may have been meeting behind closed doors yesterday but its work certainly went up a notch.
Committee members were discussing how to approach the ‘Nexus Phase’ of the inquiry: namely, public hearings.
This phase, which is set to begin on 22 April, will see institutions and individuals who had roles during the crisis – including former Taoisigh Bertie Ahern and Brian Cowen – face a grilling.
Committee members will receive in-depth briefings on Tuesdays, ahead of public hearings on Wednesdays and Thursdays that will take place from 9.30am to 5.30pm.
From April to September there will be a total of 64 public hearings.
Committee chair Ciaran Lynch said the public hearings “represent a significant step-up in activity”.
The key differences between the Nexus and the Context witness process are not only the volume of witnesses and the number of planned hearings, but also the legal compellability of witnesses, the legal compellability of statements, the requirement to produce and issue an evidence book, the intent to secure evidence in hearings and statements, and the intent to cross-reference for contrarian and confirming views.
“This is the first inquiry of its type to take place under new legislation. Therefore, the onus is on us to make sure we get everything right from the start and it is critical that the proper preparations are put in place,” Lynch stated.
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Can I have my money back now
It’s like’…..burning your furniture – to keep warm!
Why are PwC saying this instead of IBRC and NAMA?
As property prices start to rise nama , ibrc start to dump property
Can someone explain why?
Dumping loans philip, not property. They’re Dumping the loans as they’re non-performing and want to get them off the balance sheet.
If they had the patience, they’d put arrangements in place to allow the properties to return to positive equity and then seek a sale, this recouping more of the tax payers money.
Unfortunately, they’ll sell the loans for a discount and allow the new purchasers to do this and net a tidy profit.
The article outlines that IBRC (IBROKE would probably be a better name) will offload € 15 billion in loans.
Yet the linked article tells us that IBROKE have already offloaded 90% of its loanbook, € 19.8 billion out of € 21.7 billion leaving just € 1.9 billion on hand.
This can only mean, if the previous article is correct, that it is NAMA that is offloading the majority of the loans.
Why the subterfuge?
Why make people think that this is some kind of joint enterprise when it is NAMA that is leading the charge?
Have the shiny suit brigade from the canal something to hide?
Given their obsession with secrecy it would not surprise me if they have, perhaps selling the loans to some preferred customer with an inside track at a serious discount.
The way things go it will all be wrapped up before we know anything, plus ça change.
Who in their right mind would buy this junk?
It might only be worth 30% of face value but if you buy it for 20% it’s a good deal. For the buyer anyway.
@ Irish Revolution
The Banks?
Hedge funds bought it. They will now sell off all the ghost estates etc at a lower price so people that have houses for sale at the min will eventually have to sell for half or take them off the market.
Fab house here in drogheda asking price €325. Hilarious. You could now nearly get a house for that on raglan road or ailsbury road!! So that house is realistically worth less than €150 really.
People and notions ha
What about Bank of Scotland selling on my mortgage & others in their Irish portfolio to a company called Tanager Ltd.
I’m in a tizzy all day because I don’t know what it means for us.
have your say