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Why do Developers not want their loans transferred to NAMA?

  • 07-02-2011 9:41pm
    #1
    onimpulse
    Registered Users, Registered Users 2 Posts: 350 ✭✭


    Just wondering if anyone can shed some light on this for me... as far as I understood it all developers with substantial loans would be transferred to NAMA, nothing to do with whether they were repaying the loans of not - just a matter of getting the loans off the balance sheet of the banks and freeing up capital.

    So why the court case last week which highlighted that developers are not just unhappy but willing to go to court to stop their loans being transferred to NAMA?

    I thought it would make to difference no the developer only to the capital position of the bank? Obviously I'm missing something...:confused:

    Thanks


Comments

  • #2
    ted1
    Registered Users, Registered Users 2 Posts: 23,893 ✭✭✭✭ted1


    it gives a bad impression especially when doing business abroad. I'm pure there is also other reasons.


  • #3
    markpb
    Registered Users, Registered Users 2 Posts: 9,388 ✭✭✭markpb


    McKillen claimed it would damage his working relationship with the banks and make it harder to get rolling credit in the future.

    He also claimed all his loans were performing which, IIRC, turned out to be untrue so perhaps there's a fear that NAMA would persue loan repayments more vigorously than the banks who gave been happy to keep rolling up the interest.


  • #4
    3DataModem
    Registered Users, Registered Users 2 Posts: 4,077 ✭✭✭3DataModem


    Nama is being staffed by liquidators and lawyers. They are purely motivated by maximum recovery and are not constrained by banking codes of practice.

    Thankfully.


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