Presentation at the Communist Party of Ireland event, "We All Partied? They Partied, We Paid". Connolly House, 29 March 2014.

4. DREAM…

5. INNOVATION

25. NAMA PROPERTIES = c.16,000

26. “The problem here is that, when one looks at the
top 190 debtors in the NAMA universe with
debts of €62 billion, a relatively small number of
people were chasing the same assets and it was
like a Ponzi scheme. They overborrowed and
were overlent to by banks. There was huge
inflation of asset values and this was not
sustainable in the context of the economy.
There was a disconnect between the economy
growing at 8% or 9% per annum and lending by
banks growing at 35% or 40% per year. The
problem was caused by overpaying for assets.”
Brendan McDonagh, Chief Executive, NAMA, in evidence to the Public
Accounts Committee, 26 October 2011

31. Irish Executives in the six
lenders must have been
rubbing their hands with
glee as the State-sponsored
€400 billion insurance
policy covers commercial,
institutional and interbank
deposits, and investors who
have bought some of their
debt.
The State guarantee allows
the six lenders to borrow
more freely and more
cheaply for short-term
funding that had become
scarce due to the global
credit crunch.

32. Mr. Lenihan said on
Tuesday that the
increase on the cap on
deposit guarantees up
to €100,000 from
€20,000 last month
covered 97 per cent of
customer deposits so
the guarantee has
clearly been included
for the benefit of the
banks rather than the
savers…

33. “Denis Casey, chief
executive of Irish Life
and Permanent, said
the guarantee would
allow Permanent TSB
and the other Irish
banks covered to
borrow more cheaply.
“The oxygen supply for
Irish banks was being
cut off and healthy
banks were starting to
gasp for breath. This
guarantee turns on
the oxygen supply.”