RSS FeedCork v Kerry v NAMA
Posted by Senan
The all Ireland football final always sticks in my mind as the end of the summer. And so it is today - in the week we learned of the scale of the NAMA project - the sun is shining and Cork and Kerry will renew their old rivalry.
Just as the outcome today is as unpredictable as it has been for years, mystery still surrounds some of NAMAs unanswered questions. My take on it is that at least we are finally doing something. There is an air of actionism about that was absent over the previous months. Economically we are charting choppy waters, but the NAMA implementation should at least free up capital badly needed by small and large businesses alike.
Will the tax payer break even on the deal? How long is a piece of string?! It 100% now hinges on the performance of the property market during the NAMA reign. The Sunday Independent today indicates that property prices would have to increase by 20%+ over the next 10 years for us to reach break-even. I think that's achievable. This year I've heard many an analyst state the FTSE would reach 4700, it has. I've heard many an analyst say gold wouldn’t reach 1000$, it has. I've heard many an analyst say oil wouldn't reach 70$ until year end, it has. Point being, this is uncharted, highly volatile times. But the benefit of the shrunken world (through globalisation and communication technologies) is that now everything seems to happen quicker and in a more pronounced fashion...so maybe the recovery will be spectacular too!! Don’t hold your breath until late 2010 though for Ireland.
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22 September 2009, 11:32
Hey bro, looks like we're still testing those highs you speak about. 4700 for the FTSE is a distant memory. I don't know about Ireland but did't you guys have have a very successful economy? Surely its can get back to the same level.
23 September 2009, 08:35
"Did" being the operative word Alana. We're in the toilet at the moment; out market lost over 60% of its value which was one of the biggest falls in the developed world as far as I know. Not sure I can see a recovery to that level for quite a while!