Seán O'Casey should be here to see this. Some developers are in what is for them the gutter. but they are looking at the stars. The only way is up baby.
As Cantillon says Nama's Treasury actions carry the whiff of bailout
IT IS UNFORTUNATE for the National Asset Management Agency (Nama) that the first insight into its interaction with a large development company should reveal something that looks more like a a bailout than a no-nonsense restructuring.
The genesis of the agency and its subsequent activities have taken place behind the shield of obsessive official secrecy which sheltered much of the Government’s role in bringing the economy crashing down. [,,,]
The Government and Nama have not done enough in the intervening period to deserve the unqualified trust of the public.
As a result it is only prudent for taxpayers to assume that the accommodating stance apparently being adopted towards Treasury Holdings will be extended towards its other troubled customers. They can also assume that no justification will be offered or deemed necessary. And that has the whiff about it of the bailout for developers which many claim is Nama’s true purpose.