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HOLA441

£96.9m Nama judgement against south Armagh man John McCann

http://www.bbc.co.uk/news/uk-northern-ireland-24615600

A Nama company has secured judgment orders of more than 114m euros (£96.9m) against a south Armagh businessman over loan and guarantee arrangements.

A judge in Dublin granted the orders against John McCann, of Loughross Road, in Crossmaglen.

The order was granted on the application of Andrew Fitzpatrick, for National Asset Loan Managment (NALM).

A judge said he was satisfied NALM was entitled to judgment in the sums sought - 54.7m euros (£46.3m) and £50.6m.

Nama, the National Assets Management Agency, was set up by the Irish government to purge problem loans from bailed out banks.

The actions arose from loan and guarantee facilities involving Allied Irish Banks, Anglo Irish Bank and Bank of Ireland which had been taken over by Nama.

Nama claimed Mr McCann was liable under a 2006 guarantee for £50m arising from a facility advanced by Bank of Ireland to Broadway Capital Ltd to assist in financing the purchase of the Ropewalk shopping centre at Nuneaton, Warwickshire.

It also sought repayment of about 10.6m euros (£9m) arising from Anglo facilities offered in June 2009 and judgment for more than 39m euros (£33m) arising from several AIB loan facilities issued for purposes including purchase of lands and apartments in Dublin, sites in Dundalk, County Louth and in County Monaghan and to fund equity on investment property acquisition.

It claimed judgment for another 5.3m euros under indemnity and guarantee obligations that it alleged Mr McCann had entered into with AIB concerning the liabilities of Castleway International Developments Ltd and Castleway Property Management Ltd.

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HOLA442

Nama 'will not flood NI property market with house sales'

Why do they keep saying they won't do it when some on here suggest they can't (not enough stock)?

http://www.bbc.co.uk/news/northern_ireland/

The Irish government's National Asset Management Agency (Nama) says it will not attempt to administer "shock therapy" to Northern Ireland's property market by flooding it with supply.

The agency's chairman Frank Daly was speaking at an event in Belfast.

Last month, First Minister Peter Robinson said Nama was "inhibiting" the Northern Ireland economy by not selling property quickly enough.

Mr Daly said the agency would take a "very measured approach".

Nama controls around £1bn of property loans originally made by Dublin-based banks to Northern Ireland customers.

Mr Daly said that as the Northern Ireland economy recovers, the agency will "look to increase transactions where that is appropriate".

He said the only beneficiaries of "market flooding" would be short-term investors "hoping to generate a quick return and exit".

In a speech delivered to the Northern Ireland Chamber of Commerce in Belfast, Mr Daly also called on developers and investors who have Nama loans to come forward with proposals for new projects.

"If they have projects that can deliver a strong commercial return then we are interested in funding them," he said.

Nama won't give away assets: Daly

http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/nama-wont-give-away-assets-daly-29697664.html

Even though the Republic's national asset management agency has around £24 million worth of land and property for sale north of the border, its chairman insisted assets would only be sold if and when the price was right.

"We are not going to give away assets - north or south," he said.

Nama is working to recover £2.4 billion (4bn euros) lent into Northern Ireland. It has 130 residential and commercial properties as well as land for sale.

So far it has has invested £141 million (161 million euros) in commercially viable projects. This includes the £15 million (18 million euros) to finance the completion of two offices at Lanyon Place in Belfast city centre and the £9 million (10.5 million euros) to fund a 95-unit housing development at Millmount in Dundonald on the outskirts of east Belfast.

Mr Daly said they expected to make further investments in Grade A office accommodation and the refurbishment of large-scale commercial properties and were keen to contribute to the delivery of social housing, where commercially viable, and were working with the Northern Ireland Federation of Housing Associations.

Mr Daly also revealed that some Northern Ireland debtors whose properties were placed into receivership as a result of enforcement action had spoken positively about their experience with the so-called bad bank.

"Some of our debtors in Northern Ireland have actually had kind things to say about Nama recently," he added.

"Working with Nama, being in Nama is not the death sentence that everybody thought it was going to be three years ago. There are people working quite successfully with us."

Edited by Shotoflight
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HOLA443

Northern Irish property depressed: NAMA chairman

http://www.rte.ie/news/business/2013/1024/482477-northern-irish-property-depressed-nama-chairman/

The chairman of the National Asset Management Agency has said that the market for property in Northern Ireland is depressed, and that in most sectors values are below replacement costs.

Speaking this lunchtime to the Northern Ireland Chamber of Commerce in Belfast, NAMA chairman Frank Daly said though that this will change as the market recovers.

Mr Daly said the agency is substantial and influential in the Northern Irish property market, but "by no means dominant".

Since NAMA was set up four years ago its debtors have sold €125m (£106m) of property in Northern Ireland.

Frank Daly said that in the residential sector NAMA's debtors and receivers control 900 residential properties in Northern Ireland, out of a total housing stock of over 750,000.

He said the agency's exposure to the land and development sector is more substantial, but pointed out that it is "by no means the largest player in this sector either".

Mr Daly said the agency has invested €167m (£141m) in a number of commercially viable Northern Irish projects, including €18m (£15m) to finance the completion of two offices at Lanyon Place in the centre of Belfast, and €10.5m (£9m) to fund a 95-unit housing development in Millmount, Dundonald.

Mr Daly said NAMA's rationale is to invest where it is confident it can get investment back "and more besides".

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HOLA444

Nama wants your plan to help economy

http://www.belfasttelegraph.co.uk/business/news/nama-wants-your-plan-to-help-economy-29698635.html

Despite offering millions of pounds worth of cash for potential re-investment, Mr Daly said that few Northern Ireland debtors have come forward with ideas and that he would be particularly interested to hear about social housing and commercial office projects.

"The response to date, in terms of Northern Ireland-based projects proposed by debtors, has been somewhat disappointing," he said.

Mr Daly said that since the agency's establishment, Nama debtors have sold £106m of property in Northern Ireland. Around £3.4bn was lent into Northern Ireland by Nama banks.

Since its establishment, Nama debtors have sold £106m of property in Northern Ireland. Irish taxpayers have been held liable for £54bn to date from the property speculation during the last decade. Some 80% of Nama's £8bn of completed asset sales has been in GB, mainly in London.

Nama's debtor enterprises directly employ over 2,000 people in Northern Ireland

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HOLA445

Nama wants your plan to help economy

Nama's debtor enterprises directly employ over 2,000 people in Northern Ireland

You could interperate the above as:

Companies that together employ 2,000 people in Northern Ireland have some of their loans with ROI banks.

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HOLA446

Iconic south Belfast student pub The Elms will become Tesco Express

EXCLUSIVE: University Road bar, formerly The Globe under Botanic Inns, closes for good on Saturday

http://www.belfasttelegraph.co.uk/business/news/iconic-south-belfast-student-pub-the-elms-will-become-tesco-express-29730103.html

The Republic's bad bank Nama is to sell an iconic south Belfast student pub to Tesco for £1.15m after a bidding process fetched 25% above the asking price.

Edited by Shotoflight
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HOLA447

Nama sells Templepatrick housing estate

http://www.bbc.co.uk/news/uk-northern-ireland-25224150

The Irish government's National Asset Management Agency (Nama) has sold a large housing site in County Antrim.

Nama had repossessed the 12-acre site on the Lylehill Road, Templepatrick.

It had been run by a company controlled by the County Derry-based Taggart brothers and Dublin-based Goodbody stockbrokers.

The site has planning permission for 122 houses. An an amended application to build 105 houses has now been submitted by Narva Developments.

That firm is controlled by the Cookstown developer, Desmond Nugent.

Mr Nugent's firms have previously built apartment developments in Belfast.

The asking price was £2.25m, though it is not clear what was paid.

Increase pace

The Taggart/ Goodbody joint venture paid £16m for the site the summer of 2007.

Nama controls about £1bn of property loans originally made by Dublin-based banks to Northern Ireland customers.

It has been gradually selling the properties it controls, though some politicians, including the first minister, have urged it to increase the pace.

In October, Nama's chairman Frank Daly said the agency would continue to take a "very measured approach".

He said that as the Northern Ireland economy recovered, the agency would "look to increase transactions where that is appropriate".

Not NAMA connected, but I believe the Downpatrick Quoile Crescent block has been "sold" by the bank to a developer. Expecting to start trying to sell around feb. Price will be interesting. The one resident says he hopes the 27 derelict units are not rented out. (if they do sell - he may be jumping the gun!)

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HOLA448

Nama sells Templepatrick housing estate

http://www.bbc.co.uk/news/uk-northern-ireland-25224150

The Irish government's National Asset Management Agency (Nama) has sold a large housing site in County Antrim.

Nama had repossessed the 12-acre site on the Lylehill Road, Templepatrick.

Not NAMA connected, but I believe the Downpatrick Quoile Crescent block has been "sold" by the bank to a developer. Expecting to start trying to sell around feb. Price will be interesting. The one resident says he hopes the 27 derelict units are not rented out. (if they do sell - he may be jumping the gun!)

Templepatrick sold for around £2.6m

The Quoile Crescent has often been wheeled out in the media as NI's Ghost Estate. And with only 3 of 30 units occupied its not surprising. However what happened here is the housing units were piled and are ok but the roads, sewers, gardens etc where not and all sunk up to 1m in places. The houses were unsellable.

I understand a firm from Banger has bought it and good luck to them.

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HOLA449
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HOLA4412

Nama bids to ease bankruptcy fears

http://www.belfasttelegraph.co.uk/business/news/nama-bids-to-ease-bankruptcy-fears-30447956.html

The new assurances tell developers that their remaining debts will be wiped and they will be allowed to hang on to some of their wealth. The informal offers are only being made to developers who are seen to co-operate completely with the agency and who are reversing property transfers to wives, children and girlfriends.

The promise is likely to ensure that Nama recoups as much money as possible for the Irish state but it is also likely to anger some taxpayers who believe that developers who owe tens of millions of euro should be forced to go bankrupt.

They are also likely to be uneasy with the nature of the informal agreements, which do not give concrete guarantees about how much bust developers should be allowed to keep at the end of the process. Some developers are also likely to get increased bonuses as the price of commercial and residential property rises. Nama initially promised some developers a percentage of any proceeds from sales as an incentive to achieve high prices.

As property prices pick up, these developers are now likely to see their incentive bonus rise in tandem with the rising property market.

Edited by Shotoflight
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HOLA4413
New era as Cerberus now starts its fire sale

http://www.belfasttelegraph.co.uk/business/opinion/editor-viewpoint/new-era-as-cerberus-now-starts-its-fire-sale-30685823.html

Nama had been set up to cleanse the Irish banking system of toxic loans on property. Since Northern Irish people borrowed as freely from southern banks as the next man, our developers were naturally seriously affected by Nama.

Many of Nama's debtors whose assets weren't sold on are part of the new Cerberus portfolio - and yesterday marked the first sales from that portfolio.

The debtor was the well-known north west family, the Kennedy Group, famously a title sponsor of the North West 200. Now their portfolio of property is being dispersed with the jewel in the crown, its Ramada Hotel in Portrush, on sale through CBRE.

The emergence of Cerberus has meant we have turned our sights from Nama to focus on a new player, which is unlikely to provide the same thrills, spills and headlines as the Irish state body.

Ulster Bank is also continuing its equivalent of Nama, as it rids itself of its unwelcome property loans - though with the improving property market, such debt is no longer the millstone it once was.

Another hotel in the north west, Kilrea's Portneal Lodge, is also likely to be part of Ulster Bank's Project Aran, which could be snapped up by Cerberus, one of three final bidders. There is plenty to keep us interested in the next few months.

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HOLA4414

"Cerberus told MPs it would be acting in the best interests of Northern Ireland". Yea right. I'm sure their backers in New York are fully behind that statement.

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HOLA4416

Property prices remain a cause for concern, the MPs said, adding that the warning from accountancy firm PwC that it could take another decade for prices to return to pre-crash levels made for sobering reading.

.....to double or thereabouts in ten years requires rises of 6 to 7% every year. Would you be prepared to bet on that happening?

I don't know how anyone can say a thing like that with a straight face - it's a guess, that's all.

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HOLA4418

never say never! would ya buy a house in israel ??? up 50% in 6 years !!

That would be an annual rise of approx 5%. Six years ago there was probably a panic of some sort. They have them now and again.

I'm just saying any prediction for 2025 is about as reliable as mystic meg.

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HOLA4419

.....to double or thereabouts in ten years requires rises of 6 to 7% every year. Would you be prepared to bet on that happening?

I don't know how anyone can say a thing like that with a straight face - it's a guess, that's all.

It's more the fact that the prices at peak, which pretty much everyone agrees was a speculative bubble frenzy, are now being used as a benchmark against which we should aim for in the future....

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HOLA4420
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HOLA4421

its just above 7% per year to double in 10 years

A 5% rise is plausible imho under certain conditions and that would give 62.8% over ten years

if i was to take an absolute best guess i would say 3-4% a year assuming inflation goes back toward the 2% target

a lot depends on where the global economy goes / rates / inflation vs deflation etc

Edited by getdoon_weebobby
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HOLA4423

Ever been to Israel? Northern Ireland it is not. Tel Aviv is a world capital, think close to 50% of the population live there, similar to Belfast, but with a functional economy.

my comment was only tongue in cheek as if you asked the general pop it wouldn't be high on their emigrate to list.

funnily enough yeah i've been to israel as my father was out there working for an 18 month period so went out for a holiday- did tel aviv , Jerusalem , Bethlehem etc. went on to Egypt after so was pretty cool. Still have Petra in Jordan on the bucket list...........

tel Aviv is a bit like a Miami of the middle east . pretty cool and different from the rest of what I saw.

Tel aviv has quite a tech boom going on in the economy and you'd be surprised the amount of companies that are Israeli that you wouldn't even know like SodaStream.

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HOLA4424

my comment was only tongue in cheek as if you asked the general pop it wouldn't be high on their emigrate to list.

funnily enough yeah i've been to israel as my father was out there working for an 18 month period so went out for a holiday- did tel aviv , Jerusalem , Bethlehem etc. went on to Egypt after so was pretty cool. Still have Petra in Jordan on the bucket list...........

tel Aviv is a bit like a Miami of the middle east . pretty cool and different from the rest of what I saw.

Tel aviv has quite a tech boom going on in the economy and you'd be surprised the amount of companies that are Israeli that you wouldn't even know like SodaStream.

I know, the tech start up scene is crazy. Great city Tel aviv. Haven't done Petra either but I'd love to.
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HOLA4425

Ever been to Israel? Northern Ireland it is not. Tel Aviv is a world capital, think close to 50% of the population live there, similar to Belfast, but with a functional economy.

And as the recipient of more US foreign aid than every other country in the world put together, why wouldn't it be?

And now that Bibi has been re elected, the Palestinian state is off the agenda, putting him on a collision course with the US.

So, no, I wouldn't buy a house in Israel.

Edited by yadayada
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