Anglo Irish Bank and another €10 billion loan from you Mary and Joe Public

According to David McWilliams (Sunday Business Post), the Central Bank of Ireland has lent Anglo Irish €10 billion through the “master loan repurchase agreement” which he says is placed in the “other assets” column on the Central Bank’s balance sheet.

McWilliams writes that the Central Bank has lent Anglo €10 billion in return for collateral of €14.5 billion.  He claims that the only collateral that the bank has is property that is massively devalued.  He gives the example of the Woodbrook site in Bray / Shankill which where Davy private Clients have been burned for a lot of money – they bought a 51 acre site in July 2006 for 41 million per acre and this was touted to be worth €1 billion when developed.  Davy Clients were to but up a bridging loan at the time and were to be paid 17% per year in interest.  Now the investors will get 5 cents in the euro for what they have invested.  Davy has issued a report which states “NAMA is likely to be the only institution that will have the capacity to provide development finance to build out development projects and thereby provide some capacity for return.”

This shows that NAMA is the bail-out for the developers and the plutocrats.

This NAMA activity is what should bring down the government.  Why should the public put more money into this bombed out shell?  Have the Green’s a lentil left or is Eamonn Ryan in change?