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Archive for September 27th, 2011

Probably not, but a development on her property apparently is subject to a NAMA loan It seems that Ascot Racecourse in England had obtained a GBP 200m (€230m) loan from Allied Irish Banks (AIB) to develop a grandstand at the world-famous horse-racing venue. The grandstand is a major building development which incorporates shops and restaurants and its development in 2004-2006 is outlined here. Britain’s Independent today reports that the loan was “among all the dreadful dross that has been dumped on to NAMA” but also claims that it is being paid off early – a winner for NAMA.

The racing venue is operated by Ascot Racecourse Limited which is the company understood to hold the loan from AIB, and which is now in NAMA. But it is the queen who owns the Ascot estate, since the land was acquired by the Crown in the 18th century. So although the queen has a significant relationship with the venue, it seems that she is not a party to the loan now in NAMA.

A pity really. I for one would have paid good money to listen in on the meeting between Brenda and Brendy where NAMA would have wagged its finger warning the debtor to abandon her “extravagant mindset”, and to downsize her principal residence to one valued less than €500,000 which would get you about 100 sq ft in the primest part of central London where the queen presently resides. And as for spousal transfers, Irish developers’ WAGs might be a formidable cohort but they’d have nothing on the notoriously prickly Greek who wouldn’t waste time in graphically telling the agency where to go. There’s a rich vein of comedy in there, but alas on this occasion it seems she remains outside NAMA’s net.

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