Can Nama withstand collapse of developer’s €2bn group?
Ireland’s Supreme Court will decide tomorrow whether to hear the appeal against the High Court ruling denying court protection to 6 companies within Liam Carroll’s Zoe group. Meanwhile, after that busy weekend for Irish bankers, the Irish Times reports that
THE POSSIBLE collapse of Liam Carroll’s €2.3 billion property empire will not derail the establishment of the National Asset Management Agency (Nama), according to the Department of Finance.However, banking sources said the opposite yesterday. They warn that any significant insolvency will jeopardise the valuation model on which Nama is based.
However, banking sources said the opposite yesterday. They warn that any significant insolvency will jeopardise the valuation model on which Nama is based.
Yay!
Apparently part of Carroll’s business plan to trade out of his troubles involves building an €8 million hq for bankrupt / defunct Anglo in the docklands!
This is an example of complete muddle by the government – (yes Pete they should have realised that ACC could act independently and made ADVANCE provision for it).
It also illustrated the complete muddle that is Economics as the useless feckers still cant agree if it should be Nationalisation or Nama.
Perhaps there should be a government of National Unity and TDs should be sitting in the Dail until they have a clear path forward.
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