Z
z107
Guest
So it seems the final piece of the jigsaw has been put in place.
My understanding is that the following happened:
- Property developers got huge loans from Irish banks.
- The property bubble popped.
- Property developers were unable or unwilling to pay back the loans
- Irish banks nearly went bust because of this
- The government introduced the infamous guarantee and NAMA to try to prop up the banks.
- The banks sold the loans to NAMA at a discount, with the taxpayer taking the hit on the discount.
- Property developers should now pay back NAMA
- Nama is now forgiving debt for the property developers.
- Government is increasing taxes, adding new taxes and doing cut backs to help pay for all this.
Is this correct?
http://www.breakingnews.ie/ireland/...forgiveness-talks-with-developers-514906.htmlIt has been reported that NAMA is entering debt forgiveness talks with a number of property developers.
The Sunday Times has reported that around €37.5bn worth of loans given by banks to these developers will never be recovered.
My understanding is that the following happened:
- Property developers got huge loans from Irish banks.
- The property bubble popped.
- Property developers were unable or unwilling to pay back the loans
- Irish banks nearly went bust because of this
- The government introduced the infamous guarantee and NAMA to try to prop up the banks.
- The banks sold the loans to NAMA at a discount, with the taxpayer taking the hit on the discount.
- Property developers should now pay back NAMA
- Nama is now forgiving debt for the property developers.
- Government is increasing taxes, adding new taxes and doing cut backs to help pay for all this.
Is this correct?