It was beginning to look as if the NAMA CEO, Kerryman Brendan McDonagh had some animus towards traditional inter-county rivals, Cork with the high number of Cork-based companies subjected to NAMA receiverships, but we see today that NAMA is an equal-opportunities enforcer of loans as it appoints receivers to two Kerry developers. According to Iris Oifigiul, NAMA last week appointed Barry Donoghue of KPMG to Banna Holiday Villas Limited and Cloonbeg Developers Limited, both on foot of loans from AIB.
Banna Holiday Villas Limited of Banna, Clonfert in Kerry was the developer behind a self-catering holiday village, with 24 semi-detached houses, though I see some of the property is presently for sale eg here.
Cloonbeg Developers Limited of the Clash Industrial Estate controlled by Kerryman John Cahillane had been involved in a number of Kerry residential developments such as the Carragh Holiday Home development at Carragh Lake, Killorglin, Kerry
Remember you can see a comprehensive list of Irish foreclosure actions by NAMA here and in this regularly updated spreadsheet.
NAMA Wine Lake 
It really begs the question “Why?”.
What is the point of putting expensive receivers into these assets. Surely NAMA would be better off trying to find a solution that would get a better return for the taxpayer by working with the borrowers rather than having a nihilistic scorched earth policy that does nothing but destroy value. It’s the policy of inexperienced incompetents that know nothing about managing property assets, but are in the main dorky accountants, who know a bit about collecting taxes and the methods of the CAB.
It should be more about using the assets for job creation and rejuvenating the economy. Put everyone to the sword and out of business and in the end all you have is a wasteland populated by vulture capitalists and carpetbaggers – but even they won’t be tempted if there is no one left to sell to. Those who are talented and have some money left, and those who have decided to face NAMA down, will all have left.
Ten thousand US visas for the Irish every year from next year courtesy of Senator Charles Schumer plus banks that are open and lending – you won’t see them for dust.
@nwl
some info you may or may not want.
This relates to recently announced California budget cuts, (locally considered savage)
Interesting for comparison.
Cuts
— University of California: $100 million
— California State University: $100 million
— State grants for local libraries: $15.9 million
— Department of Developmental Services: $100 million
— In-Home Supportive Services: $100 million
— Eliminate funding for local antifraud efforts in IHSS: $10 million
— Additional Medi-Cal provider cuts and co-payments: $15 million
— Unallocated cut to the California Department of Corrections and Rehabilitation: $20 million
— Increase county charges for sending juvenile offenders to state custody: $72.1 million
— Eliminate some prosecution grants: $15 million
— Increase per-unit fees $10 for community colleges: $30 million
— Four percent reduction in child care support: $23 million
— Public school reduction: $79.6 million
— Community college spending: $72 million
— School transportation: $248 million
Tough on education of all things. Too many pro standard astro turfs yet not enough books.
Can only guess that this NAMA taking out some of the smaller players within the Development sector,Don’t agree with appointment of Receivers in situations where the Companies/individuals involved are trying to work with the Agency. However if they have failed to measure up to the Standards now expected then the agency should take the Actions Above.
@patrick, Time out for a Bill Clinton moment here, while we discuss the meaning of words.
To begin with, you don’t work “with” NAMA, you work “for” them. Quite a few of the borrowers have decided that, after an initial attempt, this serf and master relationship is not one that is acceptable, or indeed, feasible – especially in view of the level of expertise, the quality and the length of decision making in the NAMA process – and have handed back the keys.
Even the word “compliant” as in “compliant debtor” comes from the vocabulary of the Revenue Commissioners and the CAB, it is not a word that is used in the business community, where the expression would more reasonably be “cooperative”.
There is a world of difference between compliance and cooperation, not least in the level of trust between parties trying to solve a problem. And in the difference between these little words lies the heart of the problem that NAMA has. It has the mentality of a debt collector looking for compliance and using threats of receivers to achieve that compliance; when what is needed is cooperation and communication leading to agreement between NAMA and its borrowers on how best to achieve the maximum return from the assets that the State has entrusted to the Agency.
That result will not be achieved by words like “compliant” or “debtor”. They are words designed to insult, not to encourage. They are the words of the schoolyard bully and are leading slowly but surely to outright belligerence from those they insult. To quote the Bard himself, “The smallest worm will turn, being trodden on.”
Take the much heralded NAMA “MoU”, a foreshortened term referring to their “Memorandum of Understanding”. It is gone from the lexicon of the Agency. So is any reference to all the “Agreements” that were supposed to have been completed. The new words are “rejection”….. but with a “Letter of Support”, allowing the debtor to survive in 3 monthly increments at the whim of the Agency. And of course on the bottom of all these letters is the “confidentiality” clause. Secret documents written by unprincipled people who fear that light might shine on their words.
It is true that the pen is mightier than the sword. Joseph Goebbels knew that. And the words that NAMA use to those that they wish to work WITH have the capability to detrimentally impact the successful result that the Agency has been entrusted to deliver for the taxpayer. It’s time they took some lessons in relationship management and acceptable business behaviour, before the objects of their odium bite back.
The words of Winston Churchill, an otherwise distasteful pillock, (but he too knew the power of words) are appropriate. NAMA should take heed, for the words it uses will be a big factor in forging its destiny – for better or worse:
“You see these dictators on their pedestals, surrounded by the bayonets of their soldiers and the truncheons of their police. Yet in their hearts there is unspoken–unspeakable!–fear. They are afraid of words and thoughts! Words spoken abroad, thoughts stirring at home, all the more powerful because they are forbidden. These terrify them. A little mouse–a little tiny mouse!–of thought appears in the room, and even the mightiest potentates are thrown into panic.”
BTW, They don’t call Cork the “Rebel County” for nothing. And with deference to WGU and his feelings on my obsession with it, – “The Field” did originate in Kerry. If ever a Sicilian response to all of this occurs, this is where it will come from.
@WSTT – :-)
In both the real and fictional versions, he wins the battle but loses the war:
http://www.independent.ie/national-news/bull-mccabe-was-no-murderer-says-nephew-123322.html
As a proud Corkonian, I wish my Kerry brothers well!
@WSTT – Lovely RTE radio documentary on “The Field” here:
http://www.rte.ie/radio1/doconone/field.html