State Pays Millions in Rent To Property Tycoons.

[ang]

Are these the type of rents Brendan McDonagh (head of NAMA) has said the banks should have been taking control over ?

CONTROVERSIAL property tycoons, Liam Carroll and Bernard McNamara are pocketing millions for property they rent to the state — almost €117 million each year.


As well as paying rent to Mr Carroll and Mr McNamara, the taxpayer has also had to take on responsibility for the loans the property developers have transferred to NAMA.

http://www.irishexaminer.com/home/st...ns-124806.html

[Fing Fers]

I must throw FF a few quid during the next election, I reckon I'll be sorted for life.

[C. Flower]

Are these the type of rents Brendan McDonagh (head of NAMA) has said the banks should have been taking control over ?




http://www.irishexaminer.com/home/st...ns-124806.html

Will this rent not now be going to pay off their NAMA dues ??

[ang]

One could reasonably expect that this would be the case Cactus but not so say Brendan Mc Donagh (head of NAMA) and Frank Daly (chair of NAMA) :-

In some cases, banks allowed developers to withdraw rent and other income that flowed into their accounts, when the banks could have channelled that money directly into the loan accounts.


Generosity

"The banks have displayed what I can only describe as remarkable generosity towards some of their borrowers, probably (because they were) sentimentally or emotionally attached to some borrowers," Mr Daly said.

Hopefully that will change but there doesn't seem to be any change in this position so far.



http://www.independent.ie/business/i...p-2248442.html

[C. Flower]

One could reasonably expect that this would be the case Cactus but not so say Brendan Mc Donagh (head of NAMA) and Frank Daly (chair of NAMA) :-



Hopefully that will change but there doesn't seem to be any change in this position so far.



http://www.independent.ie/business/i...p-2248442.html

I'm fascinated with this term "emotionally attached" in the financial context. It seems to be cropping up a lot. Is it a euphemism for a corrupt relationship, or merely a negligent one, do you think ?

[Murra]

I'm fascinated with this term "emotionally attached" in the financial context. It seems to be cropping up a lot. Is it a euphemism for a corrupt relationship, or merely a negligent one, do you think ?

Wonderfully tongue-in-cheek. I'm ashamed to admit my own description of the same relationship is rather more crude and vulgar

[Andrew49]

An Bord Pleanála has granted planning permission for developer Liam Carroll's North Quay Investments Limited to complete the building of the proposed Anglo Irish Bank headquarters in Dublin's docklands. Originally Anglo provided the funding for the development to Mr Carroll's company, North Quay Investments, and was to rent part of the development as its intended new headquarters.

Source

[Gruffalo]

Is there actually anything illegal going on?

The banks seem to have given the developers free reign to withdraw the rent but I would hope that NAMA will not do so.

[Andrew49]

Is there actually anything illegal going on?

The banks seem to have given the developers free reign to withdraw the rent but I would hope that NAMA will not do so.

The banks, the developers, Fianna Fail, NAMA ..... anything illegal going on .... surely not!

[DCon]

Are NAMA receiving this rent now, in the case of Bernard Mc?

Clare co Council are out of pocket after they fixed the roof on a building he built

A local authority is almost €100,000 out of pocket over a fruitless pursuit for cash spent on repairing the roof of its €25m base in Ennis.

The headquarters were built by developer Bernard McNamara’s Michael McNamara & Co.

In a report, a senior Clare County Council official has confirmed that the cash is "deemed irrecoverable arising from the fact that the building contractors are in receivership".

Last year, the council hired contractors to fix the roof — three years after the official opening of the headquarters which the developer Bernard McNamara attended.

He is a former member of Clare County Council.

n Nov 2010, Nama appointed a receiver to Michael McNamara & Co.

This came some 10 months after Mr McNamara acknowledged that he was broke.

The Clare development project had sentimental value for Bernard McNamara.
Michael McNamara & Co was established by Mr McNamara’s late father, Michael in the 1940s.

He began his building career as a craftsman in his native Lisdoonvarna, carrying out repairs and alterations to local buildings for Clare County Council.
Bernard McNamara served as a councillor on the council from 1974 to 1985.

http://www.irishexaminer.com/ireland...r--210816.html