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Ireland now shareholder in London Olympics
Read more about: Economy 
RTE this evening –
The National Assets Management Agency is to take control of Ireland’s top 50 property developers who have loans of €30bn by Christmas. NAMA will take on €22bn of loans for properties based in the UK – the majority of which are within the M25 motorway around London. That area is enjoying a recovery in the property market in advance of the 2012 Olympics.
Is anyone clear on the logic under which a huge overseas property portfolio should be managed by the state? As opposed to, for instance, immediate sale to other developers who would likewise be attracted by the 2012 Olympics?
One would hope that that is how they intend to manage it.
Just like Homer Simpson’s pumpkin investments, I fully anticipate they’ll look at the asset prices going up in the next three years and consequently decide to hold onto them until at least 2013.
Would you prefer if NAMA took only the Irish properties from the Developers and hopefully see a profit sometime around 2112 leaving Dunner and his mates to keep the London properties and make massive profits in 2012. Personally I think NAMA should only take on their debts if it also takes every asset they have. D4 Towers, London developments, Spainish Villas, Private homes, BMWs, Rolex watches etc etc etc.
Once everything they own is liquidated to pay back what they owe they can go on the waiting list for social housing.
NAMA must take the lot (including as Colm says the Rolexs and any cosmetic work while we’re at it) not just those assets which are toxic.
Having assets in London as well as here would be what would be termed having a diverse portfolio. If we can sell at a profit before 2012 do so ASAP. Or we could do down the Neal Stephenson nation state franchise route as in Snow Crash and have areas of Irish sovereignty across the globe.