Whilst developers on this side of the Border complain that they are forced to contemplate life in a semi-detached house and no more than a Ford Cortina for day-to-day transport, NAMAed developers on the other side of the Border can still engage in the sport of kings. Today in the 15:20 at Cheltenham, Hurricane Fly, ridden by Ruby Walsh, is being tipped for glory, particularly after its success at Leopardstown in January. Hurricane Fly is part-owned by Rose Boyd, wife to Frank and until recently a director of a major Northern Irish property company, Killultagh Estates Limited , whose loans have transferred to NAMA. Killultagh claims to be “one of Northern Ireland’s largest companies engaged in managing property for rental and investment” and its loans have transferred to NAMA, and are in technical default, by which I mean the accounts say “the company’s banking facilities have expired and are repayable on demand”. Frank Boyd is now the sole director of Killultagh and that company appeared to owe NAMA a total of GBP 228m (€190m) in 2010 with the assets of the company, valued by Frank himself, worth GBP 242m (€202m).
Frank and Rose continue to live in one of Northern Ireland’s great country homes, the Rademon (or Radaemon) Estate in county Down and the recent accounts for William Ewart Properties – published two weeks ago and available here – which is owned by Frank Boyd and Andrew Creighton, show that company still having a helicopter depreciation policy which implies – it’s not at all clear from the accounts – that it still has a helicopter. The accounts also state “included in fixtures and fittings are pieces of fine art and racehorses”.It is not apparent from the accounts if William Ewart is in NAMA -the accounts merely state that lending facilities have been transferred to “another provider”.
According to the Belfast Telegraph “the horse [Hurricane Fly] is partly owned by Rose Boyd who breeds horses at Radaemon, near Crossgar. Rose is also a well known personality in the point to point world and is Master of Killultagh Harriers” – aah, is that where “Killultagh Estates” Limited got its name?
Now Rose resigned from Killultagh in 2010, so you might say she is no longer clearly a NAMAed developer and is now merely the spouse of a NAMAed developer. But would NAMA, on this side of the Border, tolerate loans in technical default – “expired and repayable on demand” – and the developers still ostensibly living the life of Reilly? NAMA chairman, Frank Daly would have you believe not, but is Frank only concerned with newspaper headlines in Dublin, and is Belfast out of sight, out of mind?
UPDATE: 12th March 2013. Although it came just third last year, it seems that hopes are high at Cheltenham this afternoon in the 15:20 Stan James Champion Hurdle, though it looks as if start times are being delayed by 30 minutes on account of the poor weather. Seems Ruby Walsh will be riding the Willie Mullins’s trained horse. Hurricane Fly is the 9/4 favourite this morning.