One of the first developers to be NAMAed, Joe O’Reilly, is the subject of an Indie report today which claims that Anglo are keeping his firm going. Now of course the bank may be doing this because the alternative, a liquidation, may see the sale of distressed assets onto a weak market which would only exacerbate the bank’s losses (and as we own Anglo and have put in €4bn from national debt, you could say “our” losses). However it is an inescapable economic fact that supply is being prevented from coming onto the market which would serve to depress the market further. I hope NAMA valuers are watching.
Are commercial prices being artificially propped up in advance of NAMA (revisited)
February 24, 2010 by namawinelake
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