Is he taking the P

mcko

http://www.independent.ie/business/i-want-to-get-on-with-my-life-oflynn-fights-for-normality-30880033.html

I never borrowed from the tax payer, what a scum bag, looking to build more houses and makes no effort to pay back the people who bailed him out.
My blood is boiling reading this, well connected parasite gets space in the national media to feel sorry for himself, no shame what so ever and feels hard done by.

smash

NAMA are a bunch of fcuking idiots!

O'Flynn had loans of around 1.8bn when NAMA took them over, but he was servicing them through rental properties which generated aprox 80m a year. His loans generated somewhere in the region of 300m while in NAMA.

So again, he was servicing his loans, NAMA did not have to sell them at a loss.

HalloweenJack

I was surprised by the first question the journo asked - I actually thought "wow, an Indo journo with a pair" but then it just collapses into a fluffy, sycophantic lifestyle piece about a developer. :rolleyes:

Menas

smash wrote: »

NAMA are a bunch of fcuking idiots!

O'Flynn had loans of around 1.8bn when NAMA took them over, but he was servicing them through rental properties which generated aprox 80m a year. His loans generated somewhere in the region of 300m while in NAMA.

So again, he was servicing his loans, NAMA did not have to sell them at a loss.

But lets not make the mistake of letting facts stop a good old fashioned witch hunt....

The_Captain

"I never borrowed from taxpayers or the State, I borrowed from private banks.
"The decision to sell those loans was a government decision… if they had been left with the banks the losses would have been smaller. You can't lay the blame at our door when it comes to decisions made when we weren't even in the room."

To be fair, he's not wrong. Corrupt officials made sure developers were cushioned, it's a failure of government, not of private companies

Markcheese

So he paid 300 million of 1.8 billion since 2008 - yes he was servicing his loans but not paying them off -and he'd need loads more capital to get building again - I assume that's why Nama sold his loans on - that and they want to wind down all together -

smash

Markcheese wrote: »

So he paid 300 million of 1.8 billion since 2008 - yes he was servicing his loans but not paying them off -and he'd need loads more capital to get building again - I assume that's why Nama sold his loans on - that and they want to wind down all together -

No that's not what I said. What I said is that his rental revenue of 80m a year was servicing his loans of 1.8bn. You don't know the terms or conditions of the loans he held but he was servicing them and that's what matters. 1.4-1.5bn were with his companies and the rest was joint venture loans. 300m is what his loans generated for NAMA.

SEPT 23 1989

Markcheese wrote: »

So he paid 300 million of 1.8 billion since 2008 - yes he was servicing his loans but not paying them off -and he'd need loads more capital to get building again - I assume that's why Nama sold his loans on - that and they want to wind down all together -

Thats very good going during a global crash

mcko

mcko wrote: »

http://www.independent.ie/business/i-want-to-get-on-with-my-life-oflynn-fights-for-normality-30880033.html

I never borrowed from the tax payer, what a scum bag, looking to build more houses and makes no effort to pay back the people who bailed him out.
My blood is boiling reading this, well connected parasite gets space in the national media to feel sorry for himself, no shame what so ever and feels hard done by.

I actually listened to an interview with him on the radio today. I found it very interesting. His business loans were taken over by NAMA and run by them, even though he was servicing his debts. He also cleared ALL his personal debts completely. He was not allowed any say in how his business was run. I would guess that if left to his own devices, he would have cost the State a lot less if nothing at all.

Capt'n Midnight

SEPT 23 1989 wrote: »

Thats very good going during a global crash

Not really

the number of billionaires doubled during the crash

smash

Deleted User wrote: »

I actually listened to an interview with him on the radio today. I found it very interesting. His business loans were taken over by NAMA and run by them, even though he was servicing his debts. He also cleared ALL his personal debts completely. He was not allowed any say in how his business was run. I would guess that if left to his own devices, he would have cost the State a lot less if nothing at all.

This is it in a nutshell. The issue is that NAMA took over both good loans and bad loans and removed them from the developers, even when being serviced. Make no mistake that O'Flynn like many developers out there got royally screwed by the state. Developer isn't a dirty word, that's just propaganda and NAMA has destroyed people's lives under the guise of doing right for the country.

It's basically like a scenario where aerlingus aren't doing well so the state pushes a forced take over of Ryanair to try and balance it's sheets but they know nothing about airlines so they just sell Ryanair to British Airways for a percentage of what it's worth.

MadsL

Conditions are ripe in Ireland for another boom-bust cycle. Someone needs to grow a pair in Govt/Financial Regulation and actually insist on 20% deposit levels for any property mortgage outside of 1st time buyers borrowing no more than 2.5 joint income.

Cheap money and greedy sharks do not serve society well.

Pat Mustard

O' Flynn Construction's loans were sold to a subsidiary of Blackstone, Carbon, which treated O' Flynn extremely aggressively and wanted immediate payment of loans, even though there had been no default. Carbon was unsuccessful in its application to appoint receivers to the O' Flynn group.

The O' Flynn group has not defaulted on loans. It isn't like one of the bank bailouts.

NAMA can buy up loans owed by companies like O' Flynns and sell them on, for those companies to be placed at the mercy of aggressive US-based companies seeking to gain control. It's hardly in O' Flynn's interest that his company should be placed in such a position.

The O' Flynn loans were sold at a discount. How is this O' Flynn's fault? Of course the assets upon which the loans were secured were worth less. It's hardly O' Flynn's fault that property prices fell. NAMA came along and bought those loans at the expense of the taxpayer and then sold them at a reduced price to carbon, shafting Michael O' Flynn.

For a journalist to completely misrepresent the position must be annoying for an Irish developer who was servicing his debts.

Maybe NAMA bosses should feel indebted or guilty towards taxpayers. But not Michael O' Flynn.

Son Of A Vidic

Capt'n Midnight wrote: »

the number of billionaires doubled during the crash

Going right back to the Wall Street Crash, there's nothing like a convenient oul generational recession, to line the pockets of the privileged elite.

smash

MadsL wrote: »

Conditions are ripe in Ireland for another boom-bust cycle. Someone needs to grow a pair in Govt/Financial Regulation and actually insist on 20% deposit levels for any property mortgage outside of 1st time buyers borrowing no more than 2.5 joint income.

Cheap money and greedy sharks do not serve society well.

20% deposits are now being enforced, but you have the likes of BOI promoting that they'll pay a portion of your stamp duty as a bit of relief. Even at that, 20% deposit is nonsense because it just makes property at current prices less attainable for the regular punter and there's a lot of foreign investment buying up property for the rental market, which in turn drives up rent. So by limiting buying power you actually increase prices and increase rent because demand is still high and supply is low.

Also, 2.5x joint salary on the average wage is nowhere near the price of a house these days. You'd want to be earning 100k each to afford a decent semi D.