I wrote back in April what my thoughts are with regards to how NAMA might actually be a good thing for some developers.
With the recent publication of the NAMA legislation (actually more like a wish list rather than legislation) by Minister for Finance, Brian Lenihan, one headline that did catch my eye was this from the Irish Independent – Lenihan: Property won’t be bought back at discount.
The start of the article went as follows:
Mr Lenihan said the Government had the right to restrict certain individuals from acquiring land from NAMA.
“Yes, we will have the powers to preclude certain buyers, and, yes, it will be my intention to exclude the persons who brought us to this hazardous position,” he said.
All very noble, but I guess only time will tell how the very tight circle of Irish property developers and banking institutions will find a way around this.
Or even how tightly the government will stick to their intentions if the same property developers that are in trouble today are the “only game in town” in years to come if they end up being the only people willing to buy the property at any price from NAMA.
For some excellent reading on the proposed NAMA legislation, check out the following websites:
Anyone have any other recommendations?