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A big thanks to NAMA!!!!

Disillusioned democrat

Well-known member
Joined
Mar 16, 2010
Messages
15,837
You have to hand it to NAMA, they know how keep people on their side.

A few short years ago this developer was bemoaning that NAMA was selling his business out from under him and that he, despite being about €1bn in debt to the Irish tax payer, should be allowed to continue on as if nothing had happened.

Now it turns out that NAMA have done this guy a big favour.

It seems that as the Cherrywood plans were being developed and the strategic importance of a particular piece of NAMA (state/taxpayer) owned land was becoming apparent, NAMA decided to offload it to this guy for a song.

Now this land sits right on the proposed access into and out of Cherrywood, probably the biggest development proposed in Ireland for the next 20 years and the lucky developer has pretty much got everyone over a barrel and is looking to extract a toll on the whole development.

What a shame (or sham) that NAMA didn't see this coming and hold onto this small stretch of land to let the council deliver its plans without having to pay a tithe to the developer.

O
 


FunkyBoogaloo

Well-known member
Joined
Jul 14, 2015
Messages
2,936
SCAMA.

"Surreptitious Cowboys' Asset Management Agency."

That's what I called it all those years ago. Still fits.
 

Prester Jim

Well-known member
Joined
Jul 3, 2009
Messages
10,074
And not a single one of these developers will have learned any lessons from the disaster and anguish they inflicted on the nation, with the help of NAMA and the govt they will be able to charge for extortionate profits as if they shouldn't all really be bankrupt and back to working a farm labourers and chippies.
On top of all that, the next govt will be FF led...
 

hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,513
Jaysus we have all learned.

You dont need to buy if the prices are too high.

During the DELUDED years people thought it was a one way bet.
 

PBP voter

Well-known member
Joined
Sep 18, 2015
Messages
9,305
You have to hand it to NAMA, they know how keep people on their side.

A few short years ago this developer was bemoaning that NAMA was selling his business out from under him and that he, despite being about €1bn in debt to the Irish tax payer, should be allowed to continue on as if nothing had happened.

Now it turns out that NAMA have done this guy a big favour.

It seems that as the Cherrywood plans were being developed and the strategic importance of a particular piece of NAMA (state/taxpayer) owned land was becoming apparent, NAMA decided to offload it to this guy for a song.

Now this land sits right on the proposed access into and out of Cherrywood, probably the biggest development proposed in Ireland for the next 20 years and the lucky developer has pretty much got everyone over a barrel and is looking to extract a toll on the whole development.

What a shame (or sham) that NAMA didn't see this coming and hold onto this small stretch of land to let the council deliver its plans without having to pay a tithe to the developer.

O
So he will develop the area, make a profit and start paying back his debts and deliverer much needed housing.

What a disaster.

With this sort of policy and 20% deposit rules to stop a bubble the country will go to ruin.


The big danger is if the rumored help to buy scheme happens. This will add to the boom bust cycle.

You can't stop the boom bust cycle but you can dampen it down with things like the 20% deposit. Given people a deposit makes it ineffective.
 

Socratus O' Pericles

Well-known member
Joined
Oct 12, 2009
Messages
33,626
Does this mean O'Flynn owns a ransom strip?
 

eoghanacht

Well-known member
Joined
Apr 18, 2006
Messages
33,366
Many thanks to Minister for Vulture funds and adventure capital Mick Noonan
 

che schifo

Well-known member
Joined
Apr 29, 2014
Messages
5,780
And not a single one of these developers will have learned any lessons from the disaster and anguish they inflicted on the nation, with the help of NAMA and the govt they will be able to charge for extortionate profits as if they shouldn't all really be bankrupt and back to working a farm labourers and chippies.
On top of all that, the next govt will be FF led...
Isn't it council planners, regulators and politicians (and voters and punters) that really need to learn the lessons? Property developers are always going to want to build stuff to make money and bankers are going to want to lend them money to make profit. It's up to the regulators, planners and politicians to ensure they don't royally screw us up again in the process whilst also trying to ensure we have enough (but not too much) homes and office space to keep things trundling along?
 

Spanner Island

Well-known member
Joined
Feb 22, 2011
Messages
24,203
You have to hand it to NAMA, they know how keep people on their side.

A few short years ago this developer was bemoaning that NAMA was selling his business out from under him and that he, despite being about €1bn in debt to the Irish tax payer, should be allowed to continue on as if nothing had happened.

Now it turns out that NAMA have done this guy a big favour.

It seems that as the Cherrywood plans were being developed and the strategic importance of a particular piece of NAMA (state/taxpayer) owned land was becoming apparent, NAMA decided to offload it to this guy for a song.

Now this land sits right on the proposed access into and out of Cherrywood, probably the biggest development proposed in Ireland for the next 20 years and the lucky developer has pretty much got everyone over a barrel and is looking to extract a toll on the whole development.

What a shame (or sham) that NAMA didn't see this coming and hold onto this small stretch of land to let the council deliver its plans without having to pay a tithe to the developer.

O
The vermin are crawling back out of their sewers again... and are increasingly cocky with it.

NAMA... one of the greatest con jobs ever perpetrated on any people in any country ever...
 

Civic_critic2

Well-known member
Joined
Nov 29, 2008
Messages
4,904
If the people continue to think passivity is something to be proud of and 'a credit to our nation' in the face of huge corruption then they will just carry on. The people need to rise up and scare the almighty fk out of this class. Will they? No, probably not. They'll go to Australia and talk about it all over there.
 

Disillusioned democrat

Well-known member
Joined
Mar 16, 2010
Messages
15,837
Isn't it council planners, regulators and politicians (and voters and punters) that really need to learn the lessons? Property developers are always going to want to build stuff to make money and bankers are going to want to lend them money to make profit. It's up to the regulators, planners and politicians to ensure they don't royally screw us up again in the process whilst also trying to ensure we have enough (but not too much) homes and office space to keep things trundling along?
The way I read the judgement this morning the council were trying to stop the developer using the site he got for a song as a virtual toll road in/out of the biggest development in the state this decade - sadly the law and NAMA's generosity means they could not.
 

Disillusioned democrat

Well-known member
Joined
Mar 16, 2010
Messages
15,837
So he will develop the area, make a profit and start paying back his debts and deliverer much needed housing.

What a disaster.

With this sort of policy and 20% deposit rules to stop a bubble the country will go to ruin.


The big danger is if the rumored help to buy scheme happens. This will add to the boom bust cycle.

You can't stop the boom bust cycle but you can dampen it down with things like the 20% deposit. Given people a deposit makes it ineffective.
No - he will develop a very small section of the area but get a huge premium for any access the council need to build to facilitate the rest of the area. Basically NAMA gifted this guy the keys to the whole area.

If they had kept this in public ownership for 12 more months (having sat on it for 6 years) this wouldn't be the case.

95% of the development would happen anyway, and faster, but now every site that gets developed in Cherrywood will need to factor in the developer tithe because the cost to service the sites will be so much higher.
 
Last edited:

Prester Jim

Well-known member
Joined
Jul 3, 2009
Messages
10,074
Isn't it council planners, regulators and politicians (and voters and punters) that really need to learn the lessons? Property developers are always going to want to build stuff to make money and bankers are going to want to lend them money to make profit. It's up to the regulators, planners and politicians to ensure they don't royally screw us up again in the process whilst also trying to ensure we have enough (but not too much) homes and office space to keep things trundling along?
Obviously, we have all gone on at great length about the lists of people who share blame for the catastrophe, this thread is about NAMA, the developers are the ones who got a get out of jail free, go past go and take 200,000,000 from the bank cards from the state through NAMA/FF though.
The rest of the culpable got off with lovely, lucrative pensions and golden handshakes, the developers are still holding the state to ransom by sitting on land banks and charging extortionate profit margins for their.
Mind you they could do none of that without a quiveringly passive govt sitting on its hands for going on 6 years.
 

daveL

Well-known member
Joined
Oct 29, 2010
Messages
19,593
Obviously, we have all gone on at great length about the lists of people who share blame for the catastrophe, this thread is about NAMA, the developers are the ones who got a get out of jail free, go past go and take 200,000,000 from the bank cards from the state through NAMA/FF though.
The rest of the culpable got off with lovely, lucrative pensions and golden handshakes, the developers are still holding the state to ransom by sitting on land banks and charging extortionate profit margins for their.
Mind you they could do none of that without a quiveringly passive govt sitting on its hands for going on 6 years.
vacant land tax would have sorted that a long time ago

but it would have flattened the value of vacant land

Who would have paid for that?
 

hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,513
The vermin are crawling back out of their sewers again... and are increasingly cocky with it.

NAMA... one of the greatest con jobs ever perpetrated on any people in any country ever...
Except they aren`t "worth" hundreds of millions anymore.
 

BACKTOBASICS

Well-known member
Joined
Jan 22, 2014
Messages
3,083
Isn't it council planners, regulators and politicians (and voters and punters) that really need to learn the lessons? Property developers are always going to want to build stuff to make money and bankers are going to want to lend them money to make profit. It's up to the regulators, planners and politicians to ensure they don't royally screw us up again in the process whilst also trying to ensure we have enough (but not too much) homes and office space to keep things trundling along?
Council planners, Regulators and politicians had a major say in bringing on the property bubble, together with the banks, and the foolish punters were taken to the cleaners.

The Council planners, Regulators and politicians and the banks did not suffer any consequences, but the punter (buyer) did, overstretched, and many ending up in negative equity and many have lost their homes permanently. The banks were 'regularised' (bailed out) by us, the Irish taxpayer, with austerity the permanent feature.

The Council planners, Regulators and politicians, still held unto their jobs and perks, and are just sitting there waiting to make the same mistakes over and over again.

The punter is the only fall guy in this 10 year cycle of boom and bust.

Did Noonan and his government set up a NAMA equivalent for the many ordinary mortgage holders, no of course not - NAMA was a ruse to hold the hand of the big developers until they and the economy recalibrated and now the land banks and developments are being handed back to them at an obscene discount.

The small fry are told to get lost, and Kenny and his ilk had the cheek to say, "ah sure, we 'all' partied".
 
Last edited:

Prester Jim

Well-known member
Joined
Jul 3, 2009
Messages
10,074
vacant land tax would have sorted that a long time ago

but it would have flattened the value of vacant land

Who would have paid for that?
If the developers were functionally bankrupt they should have had their assets removed to pay off those debts, those who acquired the land could then be taxed punitively if they persisted on sitting on that land, the govt is there to look after the citizens interests and pursue the course that best serves the people.
We are very ill-served by our inept leaders, they can be all too decisive when it comes to their own interests but there is precious little leadership for the country.
 

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