Councils consult Nama about €848m shortfall

Councils consult Nama about €848m shortfall -> … 50868.html

In a somewhat related story, Galway Councillors claiming they were misled by the City Manager. That they did not owe any money to Harrmak Construction for Social and Affordable whilst at the same time being owed by the same company. In fact they are, and have been making stage payments. … eal-houses … y-council/

What a silly person.

If local authorities refuse to issue certificates of compliance, NAMA will simply lobby to have the requirement removed in cases involving the Agency. And what NAMA want, NAMA will get.

Besides that, it’s not a credible negotiating strategy for councils to insist on full payment from developers or their successors in title. Councils will settle for a lower amount, especially to avoid more unfinished estates, and everyone knows it.

The council can only play the hand of cards they still have until they are told the game is over…to refuse to do so would mean they werent even trying to do their job…

Hmm. If NAMA gets this then we have a fresh instance of state aid requiring permission from the Commission. I doubt it would be forthcoming.