Archive for February 1st, 2013

Bank of Scotland (Ireland) is not a NAMA bank but Sean Mulryan’s Ballymore is a NAMA Top 10 developer, so this may be of interest. We learn from today’s Iris Oifigiuil that on 25th January, 2013 BoSI had Stephen Tennent and Paul McCann of Grant Thornton appointed as receivers of certain assets owned by Florentine Properties Limited, where Sean Mulryan (57) is a director, and a company owned by Ballymore Ireland Group Limited.  BoSI also had the same receivers appointed to certain assets of another Ballymore group company, Montes Limited.

Ballymore is understood to be one of the NAMA “saved” and it has been reported in the past that the Ballymore group has an approved five-year business plan with NAMA.

Interesting that a non-NAMA banks has chosen to take foreclosure action though.

UPDATE: 2nd February, 2013. The Irish Times re-reports the story today and extends it with detail of the assets behind Florentine, namely the €100m Bray town centre, the development of which has been mothballed.


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NAMA’s enforcement activity shows no sign of relenting with news in today’s edition of Iris Oifigiuil that the Agency has had receivers appointed to Meath property company, Agher Developments Limited. Agher is a company within the wider Burke & Flanagan group, owned by John Burke and Sean Flanagan.

On 29th January, 2013, NAMA had William O’Riordain of Pricewaterhouse Coopers appointed to unspecified assets which were the subject of an AIB loan. The directors of Agher are John Burke (47) and Sean Flanagan (50).

Messrs Burke and Flanagan came to national prominence in 2008 when it emerged in court that they had sold land in East Wall, Dublin to a Donegal developer for €19m. But secured on a €100 deposit! In 2011, ACC registered a judgment of €23m against Sean Flanagan.

Remember you can see the list of NAMA’s enforcement actions here and in this regularly updated spreadsheet.


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Cast your minds back 13 months ago when Minister for the Environment, Community and Local Government Phil Hogan did his own lap of honour, and trumpeted “that “2,000 housing units would be made available in 2012 to people on social housing lists”

Well, 2012 is behind us, so how did Minister Hogan do?

The latest this morning from “super” junior Minister Jan O’Sullivan, is that 68 housing units have recently been acquired for social housing by Tuath Housing Association. The most recent parliamentary question indicated that 203 properties had been acquired, to date, from NAMA. And although neither the “super” junior minister nor RTE says it, 58 of these housing units were in fact provided in 2011 – NOT 2012. These were units at the Beacon South Quarter sold by NAMA to the Cluid Housing Association.

NAMA has bent over backwards to facilitate the Department of the Environment in acquiring homes for social housing. NAMA has delivered its lists of property and made itself available to engage with the Department or others to keep its end of the deal.

The “super” junior minister, who gets a €17,000 premium payment on top of the normal junior minister’s salary of €130,042 was appointed in December 2011, so the non-delivery is as much her fault as her boss’s Minister Hogan. No apology or explanation has been forthcoming for the delay, and the message this morning that €10m has been put aside for NAMA social housing in 2013 doesn’t necessarily fill you with confidence. This equates to just 100 units at €100,000 each, though there might be leasing arrangements which would boost that number.

It is all the more reprehensible because the capital programme was substantially underspent for most of last year, which enabled the health minister to exceed his budget. The capital budget could have been deployed for housing.

We have approximately 100,000 households on a house waiting list in this State equating to an estimated 200,000-plus citizens. When a Minister promises “2,000 housing units would be made available in 2012 to people on social housing lists” you might expect someone, media or Opposition, to hold the Minister to account.

But no, yesterday the super junior minister’s announcement was greeted as an unchallenged good news story.

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In December 2012, NAMA was named as one of the respondents being sued by two individuals seemingly over a Portugese property development. Yesterday, NAMA, along with Irish Bank Resolution Corporation and two other respondents named by the Court Service as “OCEANICO LUSOILANDES -INVESTIMENTOS IMOBILIARIOS E TURISTICOS” and just “SA” were the subject of an application by a third individual Patrick Robert Ryan who is represented by Dublin 4 solicitors, Mangan O’Beirne. The case reference is 2013/1019 P.

In the previous applications, the respondents included (1) Gerry Fagan trading as Oceanico Developments and (2)  MORGADO DA LAMEIRA EMPREENDIMENTO TURISTICO E GOLFE SA. These are not named in yesterday’s application, at least not by the Court Service.

Over a year ago, it was reported that NAMA was trying to sell €500m of loans which had been advanced to Gerry Fagan and his Oceanico vehicle, which was planning to build golf resorts in Portugal and the US. There doesn’t appear to be any report of that sale being completed, but such is NAMA’s lack of transparency, we wouldn’t really know if they had been sold – NAMA recently said it had sold €2.4bn of loans, but €800m will be Maybourne’s €250m will be Donal Mulryan’s and €600m will be Cyril Dennis’s.

This is the first application against NAMA in the High Court this year.

UPDATE: 4th February 2013. Philip Connolly in the Sunday Business Post yesterday reports that in the past week 12 applications have been made against Oceanico, and that the applicants are all people who paid deposits of between €40-450,000 for property on a Portugese golf resort development.


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NAMA’s fourth application this year, in Dublin’s High Court yesterday, is against an individual named by the Court Service as “Simone Kelly” – that’s Simon with an “e” at the end. The application – reference 2013/304 S – is in the name of “NATIONAL ASSET LOAN MANAFEMENT LIMITED” so I guess the Court Service does contain errors in spelling. NAMA is represented by top-tier law firm Arthur Cox, and as is usual with recently-filed applications, there is no solicitor on record for the respondent.

Earlier this week, NAMA sued an individual “Mary Kelly” and as is the case with all High Court applications in Ireland, we are unable to find out any more information about the respondent, not even their address and NAMA does not generally comment on litigation, even to confirm the identity of the respondent.

In the past, NAMA has taken legal action against individuals to enforce personal guarantees or to secure personal judgments, but it should be stressed that we do not know if either of these objectives lies behind the current application.

This is the fourth application by NAMA in the Dublin High Court in 2013. Last year, NAMA initiated about 40 cases in the High Court and was on the receiving end of about 10.

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Yesterday in Dublin’s High Court, NAMA and an individual, Aiden Murphy launched legal action against Galway company, Quaylane Management Limited. The case reference is 2013/967 P.  This is the first time that NAMA has been joined in an action by an individual. The applicants, National Asset Loan Management Limited and Aiden Murphy are both represented by Beauchamps solicitors. As is usual with recently-filed applications, there is no solicitor on record for the respondent.

Quaylane Management Limited is controlled by the Finns, Donnacha Finn, Claire Finn and Michael Finn. In December 2012, NAMA had receivers appointed to two companies controlled by the Finns, Carmel Quay Limited and Deveronne Investments Limited.

Because this is Ireland, we know next to nothing about the application, the matter at issue or remedy sought. NAMA generally doesn’t comment on individual litigation.

So far this year, NAMA has made four applications in Dublin’s High Court – two have already been documented on here, the fourth will be the subject of the next blogpost.

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