Tag Archives: Nama

Everything stops for T.

THE NATIONAL Asset Management Agency is believed to have lined up a receiver to take control of assets at Treasury Holdings today if an agreement is not reached on the repayment of the developer’s loans by this afternoon.

Nama has set a 4pm deadline today for Treasury to repay its near €900 million loans to the state agency.

It is understood that accounting firm Ernst Young has been lined up by Nama to take charge of the assets involved if no arrangement has been reached with Treasury by the deadline.

Ernst Young was last month appointed by Lloyds Bank in the UK and Nama as administrator to Battersea Power Station in London, one of Treasury’s most prized assets.

Battersea will shortly be put up for sale.

Nama lines up receiver to control assets of Treasury (Irish Times)

(Photocall Ireland)

An extract from Fianna Fail senator Mark Daly’s bill aimed at improving the transparency of sales of property by both NAMA and Anglo/IBRC (the Irish Bank Resolution Corporation).

Two chances.

Legislation To force NAMA To Show All Property For Sale And Completed Sale Details On New Website Is Introduced In Oireachtas (Nama Winelake)

 

 Martin Whelan (Linkdin)

 

If Treasury does not meet the deadline [to pay €900 million this month], Nama will move to appoint a receiver to certain properties in Ireland.

Treasury is jointly controlled by Irish businessmen Johnny Ronan (top, and, 2nd pic, with Bertie Ahern at the opening of the Convention Centre in 2010) and Richard Barrett (bottom pic right with Ronan and Brian Cowen at the Convention Centre opening).

Its portfolio of assets in Ireland includes the Spencer Dock development in Dublin’s Docklands and the Convention Centre Dublin, which was developed by Treasury and receives an annual subvention from the State.

The convention centre hosted a concert for Queen Elizabeth II on her historic state visit to the Republic last year.

Treasury also developed the luxury Ritz Carlton Hotel in Enniskerry, Co Wicklow.

The state loans agency appears to have lost patience with Treasury following many months of negotiations to agree a business plan and a term sheet for the loans.

 

Nama To Take Control Of Treasury Holdings Properties (Ciaran Hancock, Irish Times)

(Photocall Ireland)

 

Yeah, that guy.

A property developer who was last year ordered by an Irish court to repay some €300m to NAMA has been declared bankrupt in Britain, insolvency papers showed today.

Ray Grehan, who with brother Danny developed apartments, hotels and fitness centres before Ireland’s property bubble burst in 2008, is the latest casualty of the financial crisis to take advantage of Britain’s more lenient bankruptcy laws.

The bankruptcy could complicate a move by the National Asset Management Agency against Grehan in November, when he was ordered to repay €312m.

 

Ray Grehan Declared bankrupt In The UK (RTE)

Previously: Owes: At Least €650 million. Still Pays Himself: €5,000 A Week

More than two dozen members of Occupy Cork have been literally occupying a six-storey, apparently NAMA-owned building on Oliver Plunkett Street since Christmas morning.

The group describe the building as “a gift to the people of Cork, to be used by them for the empowerment and enlivening of the communities of Cork” and has been renamed The Cork Community Resource Centre.

Plans for the vacant 20,000 sq ft office block, built by the Bowen Construction group, which went into liquidation last Summer, will include:

1. A pop-up charity Café  voluntarily run by the young and old, bridging the generation gap.
2. An alternative music school and recording space.
3. A health, healing and nutrition space run voluntarily by experts in their fields.
4. A library and bookshop
5. Free public internet access
6. Open spaces for training and educational purposes and skill sharing
7. Home of the ‘Let’s Get Together’ foundation, offering free counselling and suicide prevention services.
8. Community Creche

The group adds:

In our cities towns and villages we see empty houses and buildings, resources that should and could be used; The social dividend from NAMA has never materialised. Meanwhile public services are cut in repeated austerity budgets which are destroying the economy and people’s lives, while the state continues to pay out billions to unsecured bondholders.
By liberating this building, the ordinary decent citizens of the nation are taking a stand against elite economic interests. Facilities such as this should not remain derelict eyesores, but should be resources with which we can rejuvenate our communities and inspire people to take control of their own home places.
The centre will be opened on the 23rd of January.

The Rebel Arises (Cork Community Centre)

Protesters Take Empty Offices For Community Use (Brian O’Connell, Irish Times)

July 2010:

The head of the National Asset Management Agency said he was “extremely disappointed and disturbed” that information provided to the agency by bailed-out banks “has not stood up”. The stinging criticism of the banks from NAMA chairman Frank Daly (above) came as he revealed that the agency was likely to make profits of just €1bn over the next 10 years and could lose as much as €800m in the “worst-case scenario”. That is a far cry from the previous projection of profits nearing €4.8bn.

Fionnan Sheahan: Tough Talk Isn’t Enough: We Need To See Payback (Irish Independent, July 12, 2010)

July 2011:

The National Asset Management Agency (Nama) recorded impairment charges of almost €1.5 billion last year, its annual report has revealed.

The agency made a operating profit of €305 million for the year, but impairment losses were €1.485 billion for the 12-month period.

Nama posts €1.1 billion loss for 2010 in annual report (Irish Times)

 

(Photocall Ireland)