Irish Owned Property To Flood The Uk Market!

[Frank Hovis]

Lead story on this site's homepage, there's a tidal wave of falling property washing around the world right now.

http://www.guardian.co.uk/business/2011/jan/23/ireland-property-entrepreneurs-relinquish-london-trophies

When Ireland ran into its financial crisis, the Irish government set up the National Asset Management Agency (Nama) to take control of its struggling banks' rotten assets. A fifth of the €81bn of toxic property loans now under the control of Nama relate to the UK, making the Irish "bad bank", along with state-supported Lloyds and the Royal Bank of Scotland, one of the most important property financiers in the country.

Much of the property was bought with debt, and the property developers and investors who once enjoyed a high life of private jets, helicopters and second, third and fourth homes are all under pressure.

[Hyperduck Quack Quack]

Surely most of the economic activity of many of these 'Irich' entrepreneurs is either international or within the UK economy. So their fortunes might not be tied too closely with the woes of the Irish economy.

[OnlyMe]

First ones out the exit run the least chance of having the door slammed in their face.

[Democorruptcy]

Lead story on this site's homepage, there's a tidal wave of falling property washing around the world right now.

http://www.guardian.co.uk/business/2011/jan/23/ireland-property-entrepreneurs-relinquish-london-trophies

It seems to be a story more about commercial rather than residential property.

Of course our taxes are being used to bailout the developers:

Ballymore, which is owned by bricklayer-turned-tycoon Sean Mulryan, was one of the first developers to go into Nama. The company is now seeking to deleverage and is talking to sovereign funds, pension funds and its creditors about debt-for-equity swaps.

It has also quietly been selling off tracts of land, and recently paid £300m back to Nama. And it is close to concluding a deal that will give RBS and a group of bondholders a 72.5% stake in its redevelopment of the now-demolished London Arena on the Isle of Dogs

[Executive Sadman]

I remember reading about one apartment block in nottingham, something like 90% of the investors were Irish or South African. This was in 2005 or 2006.