Good NAMA Loans being serviced by the state?

A very interesting question was posed by Joan Burton yesterday in the Dail. It seems very carefully crafted to give all the information (and thus is covered by privilege). … 040310.pdf ; see question 55.

The question is as below

If you believe the Mirror, this is Gerry Gannon. ( … 0219972683)

Question : if this is the case, then is it that OPW is servicing the good loans which would be part of the package perhaps that would go to NAMA? More to the point, how many other cases are there where good loans bound for NAMA are in receipt of servicing from state, semi-state, or local authorities

That is interesting.

I am pretty non-plussed in general as to the trading status of the NAMA developers. I don’t know how any of them are still going concerns given they have debts that make them massively bust. It just seems weird that Gannon is still ploughing on, as are for example Treasury Holdings who we read about suing people in the courts this week. I don’t understand how these “businesses” aren’t, simply put, gone. Dead parrots etc.

It surely adds insult to injury to be sued for completion on a property by a company who without state support would in all probability be bust, and therefore incapable of suing you.
So in effect those forced to complete are in a small way paying through their taxes, to support an insolvent bank in order for the bank to hold off on liquidation an insolvent company so that they are then able to force buyers to complete on purchases the insolvent banks no longer will give them mortgages on at the original market price.
What a wicked web has been woven in this state.

In this case I’ve no doubt that the government will do all it can to ensure NAMA will perform. Be that using state funds to overpay for the loans or simply using state funds to set up lease agreements with developers being moved into NAMA.
There must be an arguement here for the state acquiring such properties at a seriously reduced price… instead of entering into 20 year lease agreements.

And there you have it, beautifully put.

This is the same Gerry Gannon who Fingal County Council are in cahoots with in subsidising a Full Time Soccer club. A club with little support even if it bought its way to the FAI cup this year. I also note that An Post use a Gannon property in Baldoyle as their sorting office.

This isn’t the exception… this is the norm. Every one of the connected few have been having their pockets lined by predominantly FF led governments for years. This doesn’t happen by accident but happens by design.

As tax payers we aren’t just paying for this now through NAMA we have been paying for this for years through the state paying the political pals excessive rents while offloading assets to them at knockdown prices.

I’d run for election myself to change things but I fear I’d only end up in the Hague for the political cleansing I’d perform after taking power.

Gannon is well connected, including the McEvaddys.

Often wondered why the very successful QuikPark Airport Surface Carpark was never properly surfaced…Seems Fingal Co Co was very concerned at where the water run-off would go…easier to just leave it as gravel…and WAAY cheaper !