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Posts Tagged ‘Property’

HOTEL CLOSURES

A NAMA source has told The Sunday Tribune that the asset management agency could close down hotels under its watch if they aren’t making enough money.

NAMA is taking over €800 million in loans secured against Irish hotels and the NAMA source told the Tribune that “it may be better for some hotels to shut rather than draining developers’ resources.”

BANKING

AIB is facing virtual nationalisation because of new rules on bank reserves proposed by The Financial Regulator, The Sunday Times reports. Such an action would mean taxpayers would be forced to invest billions more than they have already to keep the bank afloat.

Meanwhile, Nama officially becomes a reality today when the first tranche of loans are transferred from Irish Nationwide. All of the Sunday’s speculate the original haircut of 35% will now look more like a skinhead, with discounts of up to 60% being paid by the state on these loans.

The rest of the week will likely be filled with banking news as the full extent of the Nama bailout strategy becomes fully apparent. Guestimates range anywhere between €25 billion and €40 billion depending which commentator you choose to believe – whatever the final bill, taxpayers can expect to be footing it for generations to come.

LIBERTY HALL & THE KAISER

Billionaire tax exile Dermot Desmond has weighed into the battle against the proposed redevelopment of Liberty Hall in Dublin, The Sunday Tribune reports.

Desmond has objected on the basis that it “proceeds from a complete failure to recognise that a building of such height cannot work at that location”.

The Kaiser doesn’t mince his words with his views on the existing building either, describing it as “uninspiring and ugly”.

SIPTU’s HQ rebuild is also being opposed by Irish Life and VHI, who both have offices nearby.

TREASURY HOLDINGS

The pin-up of many a middle-aged male fantasy, Johnny Ronan, is reportedly fleeing the country for a few months in a bid to take the heat off his ailing business, Treasury Holdings.

Ronan, 55, has been in the full glare of the headlines since his ex-girlfriend and high-profile model Glenda Gilson went ape about a boozy weekend trip on board his private jet to Morocco in the company of former Miss World Rosanna Davison.

According to The Sunday Independent, the colourful Ronan sat down last week with top PR firm Murray Consultants and he heeded their (probably very expensive) advice to ‘get out of Dodge’.

Gossip columns aside, Ronan is facing far bigger headaches. Billions of euro owed by Treasury will be among the first destined for Nama and the company is deeply embroiled in the Dublin docklands, on which a scathing government report is due shortly.

The company can’t afford any distractions while it is seeking fresh funding from its bankers.

It has also emerged a Treasury subsidiary owes its parent almost €400m. The Sunday Business Post reports accounts recently filed by the Spencer Dock Development Company include a note by directors to the effect the financial crisis was “creating difficulty in extending our banking facilities beyond 2010 and 2011”.

Perhaps Gilson’s comments to the Sindo about her relationship with Ronan could become a metaphor for the nation’s soured dalliance with big developers.

“I had the time of my life with Johnny at the start … after that, no”.

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