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€ 4 billion: the cost of NAMA buying loans of Mid-west Property Developers

  • 24-09-2009 7:03pm
    #1
    thebman
    Closed Accounts Posts: 10,012 ✭✭✭✭


    THE staggering extent of the debts owed by Limerick property developers to the major banks can be revealed by the Limerick Leader this week.
    Banking and property sources have confirmed that the National Asset Management Agency (NAMA) is to take over close to €4 billion in loans taken out by Limerick developers.

    The figure includes around €1 billion owed to Anglo Irish Bank by Limerick-based developers, which represents a very high percentage of its overall loan book, and €1.25 billion owed to Bank of Ireland by prominent local business figures.

    The Limerick Leader understands that NAMA is to take over even more debt run up by Limerick developers who were loaned money by AIB, with that figure likely to surpass €1.5 billion.

    "It's an absolute horror show," one source in the Limerick property sector told the Limerick Leader. "Some very prominent Limerick property portfolios are being taken over by NAMA."

    Under NAMA the biggest 100 loans in the country are to be bought over by Christmas with the hope that in the New Year new developers buying in will finish off housing and other schemes.

    Asked who was likely to take over half finished sites and projects, Defence Minister Willie O'Dea said that there were developers who remained prudent during the period that others paid over the odds for development land and properties and said he expected them to move in when NAMA is up and running.

    "There are also many developers from abroad now looking at the opportunities in Ireland," said Minister O'Dea.

    http://www.limerickleader.ie/news/-4-billion-the-cost.5676065.jp

    Seems shockingly high and I'd love to know who this developers abroad are that are looking at the opportunities in Ireland's property market ATM, lol :rolleyes:


Comments

  • #2
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    thebman wrote: »
    Seems shockingly high and I'd love to know who this developers abroad are that are looking at the opportunities in Ireland's property market ATM, lol :rolleyes:
    Its Vulture Capitalism Lite - but low, sell high.


  • #3
    cavedave
    Registered Users, Registered Users 2 Posts: 2,164 ✭✭✭cavedave


    Or you could supply 4 gigawatts of energy
    The total investment for a wind turbine averages €1.1 million per installed megawatt

    Or for 50 billion you could supply all of Europes power.
    Professor Anthony Patt has shown that all the energy Europe needs could be provided by lining 0.3 per cent of the Sahara desert – an area the size of Belgium – with concentrating solar power technology. A consortium of Germany's leading corporations is raring to go. They just need the money. It costs a lot up front – $50bn – but this is nothing like as much we would spend chasing the last dribbles of oil into warzones, and defending ourselves as the planet goes into meltdown.

    If we don't spend 54 billion on promises made by rich people they will laugh at us. But then we could supply them all with electricity instead so they would stop laughing.


  • #4
    thebman
    Closed Accounts Posts: 10,012 ✭✭✭✭thebman


    Victor wrote: »
    Its Vulture Capitalism Lite - but low, sell high.

    Yeah but that assumes we are anywhere near low ATM :-/


  • #5
    eoinbn
    Registered Users, Registered Users 2 Posts: 843 ✭✭✭eoinbn


    cavedave wrote: »

    Or for 50 billion you could supply all of Europes power.

    Nonsense. That project has a figure of about €500b. We would also need very expensive methods of storing the massive amounts of energy needed at night and during poor weather/sand storms.


  • #6
    thebman
    Closed Accounts Posts: 10,012 ✭✭✭✭thebman


    eoinbn wrote: »
    Nonsense. That project has a figure of about €500b. We would also need very expensive methods of storing the massive amounts of energy needed at night and during poor weather/sand storms.

    Also the ECB probably wouldn't lend us the money to do that :D


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  • #7
    cavedave
    Registered Users, Registered Users 2 Posts: 2,164 ✭✭✭cavedave


    eoinbn

    Nonsense. That project has a figure of about €500b. We would also need very expensive methods of storing the massive amounts of energy needed at night and during poor weather/sand storms.

    True all the other costings I can find put the price of North African Solar at closer to 500 billion. Odd that he got his figures that wrong. Apologies for copying his figures without looking for extra references.

    Still 4 billion worth of wind generators and solar water heaters is still a large dent in Ireland energy needs, as opposed to spending it to keep property expensive.


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