Green Party leader, and Irish Government Environment Minister, John Gormley has said that the party is “likely” to hold a special convention to discuss the setting up of the National Asset Management Agency (NAMA). Meanwhile, as other banks prepare to seize Liam Carroll’s Zoe group’s assets following the recent court rulings against the companies involved, in the Irish Times economist Karl Whelan argues that “the Carroll case has been very positive for the public interest.”
However, despite the reality that Carroll’s business simply could not be saved, all the Irish banks involved, apart from ACC, actively supported this survival plan, allowing Carroll to continue rolling up interest and also taking the highly unusual step of providing the funds to pay off unsecured trade creditors.
Why would the banks do this? Why would they extend further money to a clearly failing developer with a fanciful survival plan? The only possible answer is these banks were determined to maintain the illusion Carroll would one day pay back the money he owed. And the reason for this illusionist act? Nama.
Adds Healthy discussion of the IT article at IrishEconomy.
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