Does NAMA still believe the banks? – Noonan

first_imgNewsLocal NewsDoes NAMA still believe the banks? – NoonanBy admin – July 20, 2010 573 Email Previous article56% drop in Shannon aircraft traffic in JuneNext articleMunster to open Heineken Cup campaign away to Irish admin WhatsApp Print WARNING that it is virtually impossible for NAMA to be profitable, the FG Finance Spokesman, Michael Noonan, says that just one quarter of property-backed loans over €5million in NAMA institutions are performing.Pointing out that rather than, as stated in its original business plan, 40% of loans were estimated to perform, Mr Noonan says that, in fact, just 25% of loans transferred to it are performing.Sign up for the weekly Limerick Post newsletter Sign Up “This means that only one quarter of all property-backed loans in the NAMA-covered institutions, in excess of €5 million, are performing, and when seen in this way, the task of NAMA is truly enormous and it is virtually impossible for it to be profitable”.Deputy Noonan contends that the economic valuation of the transferred loans was significantly too high and that as there is no longer 40% liquidity in NAMA’S portfolio, it has taken a huge hit.“This raises serious questions for NAMA – will it now have sufficient cash flow to cover its running costs, and what now is its planned timing to release assets on to the market?”With NAMA’S bad assets now amounting to 75% of the total portfolio, rather than the 60% estimated, the Limerick East Deputy queries if NAMA still believes the information flow from the banks?He says that NAMA was presented to the Irish taxpayer as a good deal, which over time would realise a profit of €4.6billion.“It is now clear that it has paid too much for the portfolio and that losses are inevitable. Its business plan provides further evidence that the government’s banking policy is a disaster.“NAMA won’t wash its face, Anglo Irish Bank is swallowing taxpayers’ money like some prehistoric monster, and AIB and Bank of Ireland are still not providing the credit lines needed by businesses and householders”.Emphasising the need for assurances from Minister Lenihan that the next tranche of loans to be transferred will not underperform to a greater degree than the first tranche, Mr Noonan says it is reasonable to assume that the better performing loans have already been transferred.“The minister must also insist that NAMA values any future assets in accordance with the information now available in the business plan and he must insist that the valuation of non-performing loans is further cut to take the latest information into account”.center_img Linkedin Facebook Twitter Advertisementlast_img read more

UK: HMS Illustrious Goes Green for the Gathering

first_img View post tag: Defence View post tag: Naval View post tag: Gathering Royal Navy’s aircraft carrier HMS Illustrious has arrived at Dublin Port as part of an international naval flotilla, according to Independent.ie.She is the second of three Invincible-class light aircraft carriers built for the Royal Navy in late 1970s and early 1980s.This year has seen the warship complete several exercises beginning with Exercise Cold Response in the Arctic Circle, Joint Warrior, which included the embarkation of 45 Commando, Royal Marines and Scottish Lion launching the Commandos ashore.HMS Illustrious was to be lit up in green last night as part of The Gathering after completing the exercise Joint Warrior off the coast of Scotland.Dublin Port welcomed other naval ships from around the world yesterday.[mappress]Naval Today Staff, April 29, 2013; Image: Royal Navy View post tag: goes View post tag: Illustrious Training & Education April 29, 2013 Share this article Back to overview,Home naval-today UK: HMS Illustrious Goes Green for the Gathering View post tag: Defense View post tag: the View post tag: HMS View post tag: green View post tag: News by topic View post tag: Navy UK: HMS Illustrious Goes Green for the Gatheringlast_img read more

FairPoint Communications completes merger with Verizon’s wireline operations

first_imgCHARLOTTE, N.C. (March 31, 2008) FairPoint Communications, Inc. (NYSE:FRP) today closed its previously announced transaction in which FairPoint merged with Northern New England Spinco Inc. (Spinco), an entity which owned Verizon Communications landline and certain related operations in Maine, New Hampshire and Vermont. FairPoint is the surviving company in the merger.As a result of the transaction closing, FairPoint is now the eighth largest telephone company in the United States with operations throughout the country. FairPoint remains committed to enhancing and expanding the communications networks and infrastructures that serve the company’s customer base, while ensuring that it maintains an appropriate and serviceable debt level and returns value to shareholders through dividends.On a combined pro forma basis as of December 31, 2007, FairPoint has approximately 1,906,748 total access line equivalents which includes 1,110,722 residential voice access lines; 505,449 business voice access lines; and 290,577 HSD subscribers, including DSL, cable modem and wireless broadband. In connection with the merger, Verizon received a $1.16 billion cash payment from Spinco and $551 million of 13 1/8% senior notes due in 2018 issued by Spinco, and Verizon’s stockholders received approximately 54 million shares of FairPoint’s common stock. In total, this results in FairPoint total senior secured debt of $1.635 billion, senior notes of $551 million and total shares outstanding of approximately 89 million. This is a great day in our progression. Many dedicated employees have worked tirelessly to achieve this milestone and I am ever grateful, said Gene Johnson, chairman and CEO of FairPoint Communications. The result of our efforts is the creation of the eighth largest telephone company in the United States, one truly dedicated to serving its communities. We look forward to continuing with the integration and emerging from the Transition Services Agreement on schedule. We are all excited about joining with the over 2,500 new employees from Verizon. We are dedicated to putting our customers first in all we do.About FairPointFairPoint Communications, Inc. is an industry leading provider of communications services to communities across the country. Today, FairPoint owns and operates 32 local exchange companies in 18 states offering advanced communications with a personal touch including local and long distance voice, data, Internet, television and broadband services. FairPoint is traded on the New York Stock Exchange under the symbol FRP. Learn more at www.fairpoint.com(link is external).This press release may contain forward-looking statements by FairPoint that are not based on historical fact, including, without limitation, statements containing the words expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions and statements. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results, events or developments to differ materially from those expressed or implied by these forward-looking statements. Such factors include those risks described from time to time in FairPoint’s filings with the Securities and Exchange Commission (“SEC”), including, without limitation, the risks described in FairPoint’s most recent Annual Report on Form 10-K on file with the SEC. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. All information is current as of the date this press release is issued, and FairPoint undertakes no duty to update this information.last_img read more

Syracuse blows out Marist, 20-8 to advance to NCAA tournament quarterfinals

first_img Facebook Twitter Google+ When Marist midfielder Drew Nesmith slotted the first shot of the game past goalie Bobby Wardwell less than two minutes in, Syracuse players could have had flashbacks.In last season’s opening-round loss to Bryant in the NCAA tournament, the Bulldog’s Colin Dunster put the visitors up 1-0 in the opening minutes of the contest to set the tone for what would become one of the biggest upsets in tournament history.The sparse, but rambunctious contingent of Red Foxes fans roared as the Marist players viciously bumped helmets and shoulders on the sideline. All seven Marist cheerleaders shook their red and white pompoms high in the air.It would be the last time that sequence of events played out for almost another 23 minutes.The second-seeded Orange (13-2, 2-2 Atlantic Coast) collected itself and got out to a 10-1 lead by the middle of the second quarter. SU took down Marist (14-4, 6-0 Metro Atlantic) 20-8 to advance to the quarterfinals of the NCAA tournament in Annapolis, Maryland, where Syracuse will square off against Johns Hopkins.AdvertisementThis is placeholder textThe offense was jumpstarted by sophomore midfielder Jordan Evans’ first career multi-goal game and Ben Williams’ 8-for-8 first-quarter performance in faceoffs — his 10th perfect quarter this season from the X.As Evans and the rest of the offense continued its relentless push on the Red Foxes’ defense, a Marist fan continuously shouted “Push them away! Push them out!” to no avail.On the other side of the ball, the Red Foxes tried helplessly to penetrate SU’s defensive perimeter in the scarce offensive opportunities they had. The shot clock was even activated on Marist — a mechanism to ensure teams with large leads can’t hold the ball for too long.A once-rowdy visitors sideline had turned motionless, with longpole defenders silently leaning up against their sticks while the cheerleaders put their pompoms down and sat.There were brief signs of life for the dormant Red Foxes when they rattled off four consecutive goals leading into the start of the third quarter to set their deficit at five goals.The red-laden fans stood in unison chanting “defense,” trying to will the counterattack back to life against an offense. But the Orange’s veteran attack would take no part in the crowd’s antics.Senior attack Kevin Rice collected five points in the third quarter and set a career-high with nine in the game. In a brief lapse for the usually stoic Rice, he got into a brief altercation with a member of the Red Foxes.The senior captain received a 30-second technical and head coach John Desko shouted something at Rice as he jogged off the field and took a knee. He promptly re-entered the game and scored minutes later, subduing his celebration to light taps on his teammates’ helmets.One final “Let’s go Marist!” cheer rang through a thinned-out Carrier Dome crowd with the score 20-7, and midfielder Patrick Eaker subsequently threw a pass away and Syracuse celebrated its first-round victory minutes later. Comments Published on May 10, 2015 at 9:43 pm Contact Connor: [email protected] | @connorgrossmanlast_img read more