Mid-West NAMA loans to total 4BN

[DCon]

THE staggering extent of the debts owed by Limerick property developers to the major banks can be revealed by the Limerick Leader this week.
Banking and property sources have confirmed that the National Asset Management Agency (NAMA) is to take over close to €4 billion in loans taken out by Limerick developers.

The figure includes around €1 billion owed to Anglo Irish Bank by Limerick-based developers, which represents a very high percentage of its overall loan book, and €1.25 billion owed to Bank of Ireland by prominent local business figures.

The Limerick Leader understands that NAMA is to take over even more debt run up by Limerick developers who were loaned money by AIB, with that figure likely to surpass €1.5 billion.

[zakalwe1]

wild west more like....

E4bn would buy the entire country outside the pale (and only a 2 bed apartment inside it!!!! )

someone's maths doesn't add up!

[Watcher1]

That is truly staggering especially when it was widley known that the Limerick property market was fairly stagnant for years. I have a brother who lives down that way and he has told me for years that the Limerick property market is quite different to the rest of the couontry in that it was depressed. Prices never went as made as the rest of the country and there was a massive supply overhang for years.

Truly amazing how they lent out that kind of money down there.

[Watcher1]

wild west more like....

E4bn would buy the entire country outside the pale (and only a 2 bed apartment inside it!!!! )

someone's maths doesn't add up!

Isn't NAMA pegged to take over 5bn up North?

[zakalwe1]

Isn't NAMA pegged to take over 5bn up North?

there's not 5bn worth of property inthe north!!!!!!!

someone is codding NAMA....

"yeah....i have 3.5 bn in loans to antarctic....penguins had a property bubble...its worth 3bn i swear!"

[ang]

It's also interesting to note that in the west limerick edition, of the same paper, there is an article on a planning application for a cinema complex and a huge retail development, appx 1 mile outside of Newcastlewest. JD Foley president of the local Chamber of Commerce and employee of the local AIB bank has come out in favour of this development. Richard Rice of Healy and Partners, stressed that for this to happen the banks have to start lending again something they're just not doing at the moment. Is this further proof that NAMA is a bailout and that banks will start to lend to the very people, who got us into this mess in the first place ?

[Watcher1]

there's not 5bn worth of property inthe north!!!!!!!

someone is codding NAMA....

"yeah....i have 3.5 bn in loans to antarctic....penguins had a property bubble...its worth 3bn i swear!"

That was my reaction too.

We soooooo need to have transparency on the loans being taken over and who owes the money on those loans ESPECIALLY if any of the politicians like Franky Fahy owes anything.

[sparkey321]

That is truly staggering especially when it was widley known that the Limerick property market was fairly stagnant for years. I have a brother who lives down that way and he has told me for years that the Limerick property market is quite different to the rest of the couontry in that it was depressed. Prices never went as made as the rest of the country and there was a massive supply overhang for years.

Truly amazing how they lent out that kind of money down there.

You should see the amount of industrial and retail development that went on over the last 2 years.. I can look out my office window and see at least 40 empty units be they industrial or retail.

[seanieboy72]

id say most of the anglo loans actually relate to a shopping centre development in the middle of the city (known as the opera centre) which was set to be the second largest centre in the state (behind dundrum)and ,as i understand, anglo actually became a partner in this development (with a view to offloading their investment to it's larger clients when construction commenced) .at the moment when a person enters the city from the dublin road direction all you see are vacant buildings and it has devasted retailers in the inner city with approx 25% of the city a ghost town
carrolls zoe group own a partly finished retail park on the outskirts of town. there has been zero activity here for over twelve months

[Watcher1]

It's also interesting to note that in the west limerick edition, of the same paper, there is an article on a planning application for a cinema complex and a huge retail development, appx 1 mile outside of Newcastlewest. JD Foley president of the local Chamber of Commerce and employee of the local AIB bank has come out in favour of this development. Richard Rice of Healy and Partners, stressed that for this to happen the banks have to start lending again something they're just not doing at the moment. Is this further proof that NAMA is a bailout and that banks will start to lend to the very people, who got us into this mess in the first place ?

Retail development? Cinema? I thought both of those were dead. But of course nothing has to make sense anymore.