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Archive for October 8th, 2011

Colm Keena, brother of Paddy McKillen’s spokeswoman, Breda, pens a 2,100- word article on transfers to NAMA developers’ wives, today in the Irish Times. Paddy McKillen of course is, to date, the sole escapee from NAMA, and his wife Maura has escaped any intrusion into her affairs. But the lost souls languishing in NAMA enjoy no such privacy and there is quite a bit of detail today on transfers from husbands to wives, transfers back from wives to husbands and charges registered on property by NAMA. In today’s Irish Times article, Colm details 15 transfers from developers to their wives, three reverse-transfers from wives to husbands and eight NAMA registrations of charges against property associated with the wives of developers.

Colm stresses that no comment on the transactions detailed in his article today, was forthcoming from the developers and that “not all asset transfers made by wealthy debtors were done because people saw what was coming”

NAMA itself has stated that the majority of the Top 30 developers had transferred property to wives, though in respect of the total of 850 developers in NAMA, Minister Noonan recently said that a minority had transferred properties to wives. So it seems that spousal transfers might be concentrated in the cohort of the (formerly) wealthiest developers.

The reporting of transfers to spouses has frequently had the effect of generating outrage in those observing borrowers with enormous debts, now owing to the nation after the creation of NAMA; with implications that transfers have been effected to bilk creditors and to effectively squirrel wealth away which will subsequently be enjoyed by the borrower when the heat dies down, or indeed today through the wife’s wealth. Insult is added to injury with suggestions that NAMA is unable to deal with transfers if they occurred before NAMA came into being (November 2009 was when the NAMA Act became law, and December 2009 was when NAMA itself came into being); there are suggestions that transfers made before November 2009 can’t be touched by NAMA.

What is usually omitted from reporting is that NAMA can undo any transfer if it can prove that the transfer was effected to bilk creditors, and these legal rights have been long-established in this country through bankruptcy, conveyancing and property law. Beyond legal rights, NAMA also has colossal financial power and is generally the only source of finance for developers whose developments are starved of capital, so NAMA can bring more influence to bear on spousal transfers than might be strictly available to the agency from the vast body of law. Most of the charges registered by NAMA against property associated with developers’ wives are no more than three months old, so based on the properties detailed in today’s Irish Times article, NAMA seems to be stepping up its activities in relation to developer spouses.

Although there is a lot of padding in Colm’s article today (and some of the detail is available from Ronald Quinlan’s Sunday Independent remarkably similar article last December 2010), there obviously has been some new research which is joined with the information in the Quinlan article and represented in the table below. We can see that most of the transfers were effected before NAMA came into being. We can see that some transfers have been reversed and we can see that NAMA has been registering some charges against some of the property associated with wives of the developers, particularly in the past three months. There are two tables, which are identical, click to enlarge the first one, on some browsers not all of the data in the second table will be visible.

(Click to Enlarge)

Developer Wife Date Property Type
Sean Dunne Gayle Dec-08 20 acres of land in Goatstown (Dublin) transfer
Joe O’Reilly Deirdre Mar-09 house Kerrymount Avenue (Foxrock) transfer
Joe O’Reilly Deirdre Nov-09 apartments at Riverhall (Castleknock) transfer
Seamus Ross Moira Feb-09 property at Lower Rathmines Road (Dublin) and Lucan (Dublin) transfer
Seamus Ross Moira May-09 land in Drumlish (Co Longford) transfer
Seamus Ross Moira Jul-09 house on Harrington Street, Dublin transfer
Seamus Ross Moira Sep-09 house at Haddington Road, Dublin transfer
Gerry Gannon Margaret Jul-09 property in the Village at the K Club transfer
Gerry Gannon Margaret Oct-11 property in the Village at the K Club NAMA
Gerry Gannon Margaret 2009 land in Ballyleague (Roscommon) transfer
Gerry Gannon Margaret May-09 74 acres in Loughglynn (Roscommon) transfer
Gerry Gannon Margaret 2009 apts in the Anchorage and Spinnaker (Malahide) transfer
Gerry Gannon Margaret May-09 houses in Cabinteely, Templeogue, Artane, Clontarf transfer
Gerry Gannon Margaret May-09 commercial premises in Sutton transfer
Gerry Gannon Margaret May-09 family home on St Fintan’s Road (Sutton) transfer
Gerry Gannon Margaret Dec-09 52 acres of land on Carrickbrack Road (Sutton) transfer
Gerry Gannon Margaret 2009 land in Dún Laoghaire-Rathdown transfer
Gerry Gannon Margaret May-09 property at 36 Elgin Road, Dublin 4 transfer
Gerry Gannon Margaret Aug-11 property at 36 Elgin Road, Dublin 5 NAMA
Liam Carroll Roisin Mar-09 two houses in Mount Merrion, Dublin transfer
David Daly Mary 2009 €80m of assets, including €17m cash transfer
Michael Cosgrave Nadine Dec-09 properties in central Dublin transfer
Michael Cosgrave Nadine Jul-11 “other properties” NAMA
Michael Cosgrave Nadine Jul-11 7 Hillside Drive (Rathfarnham) re-transfer
Michael Cosgrave Nadine Jul-11 7 Hillside Drive (Rathfarnham) NAMA
Joe Cosgrave Denise Sep-09 property in Dún Laoghaire-Rathdown, Dublin transfer
Joe Cosgrave Denise Oct-11 property in Dún Laoghaire-Rathdown, Dublin NAMA
Michael/Joe/Peter Nadine/Denise/Oonagh Jul-10 Lands at Blanchardstown and Rathdown/ apts on Gardiner Street and Harcourt Green transfer
Michael/Joe/Peter Nadine/Denise/Oonagh Aug-11 Lands at Blanchardstown and Rathdown/ apts on Gardiner Street and Harcourt Green re-transfer
Michael/Joe/Peter Nadine/Denise/Oonagh Aug-11 Lands at Blanchardstown and Rathdown/ apts on Gardiner Street and Harcourt Green NAMA
Nadine/Denise/Oonagh 2011 “number of properties” NAMA
Peter Cosgrave Oonagh Jul-11 property in Sandycove, Dublin re-transfer
Peter Cosgrave Oonagh Jul-11 property in Sandycove, Dublin NAMA

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