Seán Dunne leads builders in fight against NAMA

[MsAnneThrope]

Reported in today's Sunday Tribune (can't find a link yet, sorry) that Sean Dunne has established a group called the Irish Property Developers Federation (IPDF). The IPDF would work closely with the Construction Industry Federation (CIF) and the influential Tom Parlon.

Sean Dunne has invited his fellow property developers to join a powerful new organisation which will seek to dictate how the controversial NAMA will operate in relation to developer's loans and assets.

They apparently held their first meeting on May 2nd. Dunne instructed attendees (it costs €500 to join the group) that details be kept private and confidential. His email to other developers was seen by the Tribune.

The IPDF would be an autonomous body and represent "property developers solely while working hand in hand with other sections of the industry for the industry's benefit and future in Ireland"

Developers have been seeking legal advice on NAMA in recent weeks and solvent developers in particular are seeking legal advice on ways to avoid having their assets transferred to the body as they are worried they won't have access to working capital afterwards

Brian Lenihan said "we will not be deflected or delayed by obstructive legal strategies. He said NAMA legislation had not yet been tabled, but he was confident the proposal would meet any legal challenge submitted by property developers"

If you ask me this is all the more reason to nationalise the banks and just deal with developers who owe money as a bank would with anyone else.

It's a bit rich also I think for Lenihan to talk about NAMA's legislation meeting any challenges when he's had to backtrack several times on other issues where legal obstacles arose. This IPDF could be a bonanza for our legal eagles.

Defaulting developers should be treated no differently than regular loan defaulters. Will the IPDF hinder NAMA considerably or do you think the Government will introduce new emergency legislation if required, so that NAMA can achieve all its objectives?

[Cael]

I always thought NAMA was a scam to protect the developers, and I still do. We might see some theatre here, but the end result will be the developers holding on to their sites and the taxpayer carrying the cost.

[advertismo]

I always thought NAMA was a scam to protect the developers, and I still do. We might see some theatre here, but the end result will be the developers holding on to their sites and the taxpayer carrying the cost.

Yeah; it's just an internal squabble within the one complex.
Everything is just time-buying 'until things pick back up' - ie; trying to re-start the construction industry based on population growth. The 'time-buying' uses public money and the promise thereof to keep the flame lit.
'Asset Management' will be deeply concerned with how to re-inflate the value of the colossal land-blocks currently in limbo.
What we have here is manoevering over contol of the wheel; they're all fellow passengers.

[Cael]

Yeah; it's just an internal squabble within the one complex.
Everything is just time-buying 'until things pick back up' - ie; trying to re-start the construction industry based on population growth. The 'time-buying' uses public money and the promise thereof to keep the flame lit.
'Asset Management' will be deeply concerned with how t re-inflate the value of the colossal land-blocks currently in limbo.
What we have here is manoevering over contol of the wheel; they're all fellow passengers.

Certainly, a chara, the economy desperately needs low land prices to increase competitiveness and develop industry, but NAMA ties us in to pushing up land prices. We cut our throats to get back the money we've wasted on the toxic debt.

[MsAnneThrope]

Interestingly the Tribune also carries an article by Tom Parlon, on the back page of the Business section. No link available yet. The man has some neck to say the least. Talk about looking for an executive advisory role in NAMA.

the overwhelming majority of loans relate to sound, economically viable projects that will be brought to fruition in line with the pick up in the economy

However, many speculators chose or were advised poorly in such instances. NAMA may have no option but to incentivise more experienced developers to get involved through joint ventures or other partnership arrangements

NAMA's ability to inject capital must be clearly provided for in the legislation. The strong commercial approach is needed to avoid a situation whereby foreign venture capitalist funds buy prime Irish land and properties at prices well below their true economic value with a view to benefitting, and exporting these benefits abroad, at the expense of the economy and taxpayers and future uplifts in the market.

Emmm, what about all the Irish investors and companies who speculated on foreign property for years Tom, and exported those benefits back to Ireland? Do you not remember the (non-violent) hatred shown to the Irish in some Eastern European cities as Paddy's Army priced the locals out of the property market? Do you not remember those gaudy clips on RTE news of pot-bellied, drunken gombeens in Eastern Europe, swilling champagne while grabbing the ar5es of belly-dancers in some seedy bar, as they celebrated the development and/or purchase of apartments? The Donald Trumps of Ballymagash striking big in Eastern Europe. But now that those investments have turned sour we're saddled with the debt back here at home. Or have you a selective memory Tom?

Engagement between the property development industry, the banks and the state is vital to ensure that projects are worked through to a successful completion and that normalised market conditions can return, which is the best possible way of protecting the longer-term interests of the economy

I think I'm going to be sick now. I have this to say to the Sean Dunnes and Tom Parlons of this world:

(1) Pay back the loans you or your members owe in full. I do not want my family, friends or fellow country people to do it for you for generations to come.

(2) When you have done this, and only then, come to the table and offer your services that may be of benefit to the country.

Until then, pi55 off and shut up. You make me sick.

[youngdan]

I always thought NAMA was a scam to protect the developers, and I still do. We might see some theatre here, but the end result will be the developers holding on to their sites and the taxpayer carrying the cost.

Well you can stop. NAMA is bad news for the developers.

NAMA is a scam to protect the government

[Pauli]

Well you can stop. NAMA is bad news for the developers.

NAMA is a scam to protect the government

Something tells me, youngdan, it wont be for the protection of the people the government represent.

[youngdan]

Well that is for sure. It will not be nice for the people the government pretends to represent.

[X-ray]

god may be it is a good idea if he is against it

[MsAnneThrope]

Well you can stop. NAMA is bad news for the developers.

Not if Parlon or his like gets his foot in the NAMA door. This is Ireland Dan. Remember how things work here?