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Deja Vu for irish property lending?

Comments

  • #2
    AlekSmart
    Registered Users, Registered Users 2 Posts: 14,005 ✭✭✭✭AlekSmart


    Slideshowbob wrote: »
    http://www.irishtimes.com/business/sectors/commercial-property/it-feels-like-2007-all-over-again-as-bernard-mcnamara-moves-on-site-1.1890436

    So Mr. McNamara is back building again by all accounts.

    Although he would seem to be a contractor rather than developer on the Green site, if his re-emergence takes a similar path to his previous career, what additional measures are now in place in legislation etc to prevent him going down a similar course again and raking up substantial debts again?

    Easiest and simplest answer for a Society who'se members value Ease & Simplicity above all else.......NONE :eek:


    Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.

    Charles Mackay (1812-1889)



  • #3
    quadrifoglio verde
    Registered Users, Registered Users 2 Posts: 3,670 ✭✭✭quadrifoglio verde


    Slideshowbob wrote: »
    http://www.irishtimes.com/business/sectors/commercial-property/it-feels-like-2007-all-over-again-as-bernard-mcnamara-moves-on-site-1.1890436

    So Mr. McNamara is back building again by all accounts.

    Although he would seem to be a contractor rather than developer on the Green site, if his re-emergence takes a similar path to his previous career, what additional measures are now in place in legislation etc to prevent him going down a similar course again and raking up substantial debts again?

    None, except hopefully this time around the banks will have done their due diligence. The grehan brothers are also working as contractors, as opposed to developers.
    At the end of the day, both them and mcnamara have experience that you and I don't and thats developing sites.
    If a private investor wants to take a punt on them to do that job, then let them. Id admire anyone who tries to get back on their feet after loosing virtually everything


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