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Banks to write off up to 25% of landlords debt

  • 16-01-2011 11:24am
    #1
    unknownlegend
    Registered Users, Registered Users 2 Posts: 375 ✭✭


    I just read this, and cant see a thread on it anywhere.

    www.ft.com/cms/s/2/e54b8042-200a-11e0-a6fb-00144feab49a.html

    "Anglo Irish Bank - the institution at the centre of Ireland's property meltdown and is the recipient of €30bn of government money - is one of a number of lenders willing to let certain property owners off a proportion of their debt if they refinance elsewhere."

    ..." These deals are attractive to Irish banks as, even with a discount of 20 per cent, the bank will receive considerably more then the 50p per pound it would get from the National Asset Management Agency, the Irish government's bad loan bank"

    I wonder will this act as a catalyst to getting more property onto the market, if it was going through private banks? Also, I wonder if there is any legislation around NAMA etc which would potentially stop this?
    I have no strong view on it either way, as I don't know enough about it, but am kind of surprised that it hasnt been thought of before now.


Comments

  • #2
    Mr. Loverman
    Closed Accounts Posts: 4,001 ✭✭✭Mr. Loverman


    NAMA are doing the same, but for 40% of their debts.

    This means the following:

    Developer gets a loan of 1 billion.
    Moves it to Anglo's Austrian branch (where it cannot be touched by NAMA, etc.)
    NAMA take over the loan
    Loan is cut by 40%
    Developer gets to keep 400 million.

    Sure you can see in the papers today FF are desperately filling all the quangos with their cronies before they are out of office. These are very highly paid jobs with insane expenses.

    The whole system is totally corrupt, and is about stealing as much tax money as possible.


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