It has been reported that NAMA is entering debt forgiveness talks with a number of property developers.
The Sunday Times has reported that around €37.5bn worth of loans given by banks to these developers will never be recovered. This means the developers will escape from up to 60% of their liabilities. You can not hold directorship of a company if you are a bankrupt..... if debt forgiveness is introduced, you are forgiven of your debts and BINGO!! no longer bankrupt.... why would this be beneficial to NAMA? Why would they even bother? Whats in it for them???
Well, who else is going to BUY BACK all of the properties they are stuck with? BUY BACK with a huge discount? ... and I know the developers can't deal with NAMA, its in their rules....BUT... a Company can...and guess who the directors will be? All set up to make MORE MONEY while the tax payers pay more and more. Oooops was I ranting ?
People from northern parts of the world have evolved bigger brains and larger eyes to help them to cope with dark, long winters and dim skies, no wonder I felt so clever in Australia. I miss Australia I nearly always caught fish when I went fishing I'm struggling here to catch fish in the Loch. We went out for half an hour or so again for a drift but I need my mate Paddy here to give me advice.