PJ1977

The Frasers are on a major shopping spree. In addition to the stuff mentioned in here they bought the old Grafton HQ next to The Boat and the Punjana building on Waring Street. Planning apps in for apartments in those too. This looks like a very long play and may ultimately amount to a bit of land banking rather than development.

So how does this work? I assume the BoSI loans are 20,000 leagues under the sea and repayable on demand (either because they are past due or in technical default.) BoSI could call them in only to be faced with paying John Hansen a significant sum over a long period and potentially disrupting the fragile ecosystem of a tenanted estate like this. So I assume this is part of the vaunted Certus/ Lloyds plan where they agree not to hardball the borrower with PGs and the like so long as they come quietly and cooperate with an orderly exit.

There's the big Reinhart/ Rogoff dataset to support that contention: "The other important figure which the two economists have come up with can only spell more gloom for Northern Ireland house owners. They found that the duration of house price declines has "been quite long lived, averaging roughly six years". Even when Japan is excluded - it suffered 17 consecutive years of price falls - the average still comes out at more than five years. So far prices here only been falling for four years suggesting that there is at least another year of falling prices to come." http://www.bbc.co.uk/news/uk-northern-ireland-15757932

150 jobs go at JJB - another vacant unit on Royal Avenue http://www.bbc.co.uk/news/uk-northern-ireland-19787190

If it is the same portfolio it is odd as WR is in effect a buyer of last resort

It does but the loan was originated in Scotland so isn't held in one of the NI vehicles

I assume this is the Taylor portfolio http://www.bbc.co.uk/news/uk-northern-ireland-14402687

Odyssey Pavillion for sale http://www.bbc.co.uk/news/uk-northern-ireland-19728849

Oportunity Omagh loses its anchor tenant. http://www.bbc.co.uk/news/uk-northern-ireland-19727688

Some of the people stung were very much not 'first foot on the ladder types'. They were wannabe slumlords with three houses.

Ulster Bank have been taking a few things off Cookstown's Dessie Bell, including this http://www.osborneking.com/siteFiles/resources/pdf/properties/10%20&%2012%20parkanaur%20road%20castlecaufield.pdf, which was held by an outfit called Duval Estates which has a balance sheet about £1m in the red. There are a few other odds and sods on the OK website associated with Bell Contracts. Dessie hit the headline a while ago when his estranged missus had him before the courts in Dublin. http://www.independent.ie/national-news/frauddispute-couples-ponies-worth-250000-each-in-boom-2515986.html

It's not clear to me what Nama has to do with depressed bank lending. For starters it isn't a bank. Sure it will fund stuff if it adds value but given its NI portfolio is so heavily weighted towards undeveloped land it is never going to be doing much of that here.

Another miserable tale from the bubble; a retirement wrecked by a mistimed bridging loan. http://www.courtsni.gov.uk/en-GB/Judicial%20Decisions/PublishedByYear/Documents/2012/%5B2012%5D%20NIQB%2051/j_j_GIL8549Final.htm And here's a disastrous Investement followed up by a bit of tiresome self-represented litigation http://www.courtsni.gov.uk/en-GB/Judicial%20Decisions/PublishedByYear/Documents/2012/%5B2012%5D%20NIch%2019/j_j_McCL8533Final.htm

Anyone with a Comber Mill apartment just saw it slide a bit further into negative equity http://www.bbc.co.uk/news/uk-northern-ireland-19634119

GOD still has money, apparently http://www.bbc.co.uk/news/uk-northern-ireland-foyle-west-19632961

More on Barnish. £8m hit for Irish taxpayers. http://www.bbc.co.uk/news/uk-northern-ireland-19626048

That is the same one

Here's the full judgement which the above is based on http://courts.ie/Judgments.nsf/09859e7a3f34669680256ef3004a27de/5d03af42e4c6c0fc80257a32002fe940?OpenDocument We learn from it that Pat Whelan (one of the Golden Circle accused) thought that his former Anglo colleague Neil Adair had 'a big mouth' - paragraph 18. We also learn that at one point Seamus Jennings made a lowball offer for the Odyssey - paragraph 13 We also learn a bit about the unique Anglo culture in paragraph 31. Namely if you were an Anglo banker and the valuers came back with a number you didn't like you could pretty much make up a number and present that to the credit committee.

Nick 'the Greek' McKenna has been ordered to stump up £2m in the Malone Park specific performance case. http://www.rte.ie/news/2012/0910/businessman-ordered-to-pay-house-price-balance.html

Nama linked http://www.bbc.co.uk/news/uk-northern-ireland-19505109

Yes they did; a non comprehensive, back of an envelope list: Kingsgate, Dunfermline - Mivan Oak, Greenock - Murdocks Vancouver, Kings Lynn - Murdocks Highgate Retail Park, Birmingham - Murdocks Fosse Park, Leicester - Cheevers/ McGuckian Avenue, Newton Mearns - Cheevers/ McGuckian Palace Exchange, Enfield - Cheevers/ McGuckian Belfry, Redhill - Cheevers/ McGuckian Priory Meadows, Hastings - Cheevers/ McGuckian Regent, Hamilton- McGuckian Palace Grounds, Hamilton - McGuckian Vicarage Field, Barking - Lagmar Cockhedge, Warrington - Lagmar Winsford Cross, Winsford - MAR/ Chris Walsh Savoy, Glasgow- PBN West One, Eccles -PBN Beacons Place, Cardiff - PBN Parkway, Coulby Newham -PBN Forge, Glasgow - McKillen/ Drayne Frenchgate Interchange, Doncaster - McKillen/ Drayne Pavements, Chesterfield - McKillen/ Drayne Gyle, Edinburgh - Ewarts Hart, Fleet - Ewarts Bowen Square, Northampton - Frank Boyd Pavilion, Hertfordshire - Frank Boyd White Rose, Rhyl - Frank Boyd 61-79 Buchanan Street, Glasgow - Andrew Creighton Lemon Quay, Truro - Corbo Roebuck, Newcastle-Under-Lyme - Ravenhill Estates Newgate, Bishop Auckland - Ravenhill Estates Princess of Wales, Dewsbury - Ravenhill Estates Southergate, Dunmfries - Herbert Loreburne, Dumfries - Herbert Lesley Retail, Stranraer - Hebert Newgate, Newcastle - McAleer and Rushe Arndale, Morecombe - JAP Morecambe (menarys) Arndale, Leeds - Chris Walsh Nags Head, Islington - Chris Walsh Riverside Walk, Thetford - Chris Walsh

Described as a consensual sale with bank (Ulster) cooperation which I think translates as Ulster agreed to eat at least some of the loss.

Most of that is Dolan stuff - Nama have changed the way they release the enforcement info. They don't appear to be publishing a quarterly list of new enforcements, rather they are just adding new properties to the searchable database which means you have to do an 'all properties NI' search and then use the existing lists in a process of elimination to work out what is new.

Co-Star are reporting that Lloyds/ BoSI have sold their 'Project Harrogate' distressed loan portfolio to Oaktree Capital for £260m which represents a 58% discount on original value. The main local interest is that one of the bigger loans relates to Vancouver Quarter in King’s Lynn which the Murdock's bought for £60m in 2007. One of the other large loans relates to the Kingsgate Centre in Dunfermline which BoSI took off Ivan McCabrey earlier this year.

It's the start of the new legal term - coppery tans ahoy!