The second axis of controversy relates to the mechanism of property expropriation, deemed forced and enabled by Capital's pressure on the government and Hariri's influence as prime minister and the valuation of property, deemed inappropriately low.
12.
The Bill envisages that NAMA will arrange and supervise the identification and valuation of property-backed loans on the books of qualifying financial institutions in Ireland, but will delegate the purchase and management of these loans to a separately created Special Purpose Vehicle ( SPV ).
13.
NAMA will arrange and supervise the identification and valuation of property-backed loans on the books of qualifying financial institutions in Ireland, but the purchase and management of these loans will be the responsibility of the SPV . The SPV will have a majority of private equity.
14.
Critics of the Monte de Piedad, which include the National Human Rights Commission, often complain about the valuation of property on deposit and that clients must pay at least one month's interest rate even if they pay-off their loan and redeem their property after one day.
15.
In that case a valuer made a valuation of property for the very purpose of enabling his client to raise a mortgage on it; and, in order to further the transaction, the valuer himself actually put the valuation before the mortgagee's solicitor saying that it was a very moderate valuation and not made in favour of the borrower.
