Are some Developer's laughing at the taxpayers?

[DeeFox]

In today's Examiner Matt Cooper writes that "Johnny Ronan is one of the first 10 property developers whose loans from banks are going to be transferred to NAMA".

This is the same Johnny Ronan who has been in the tabloids this week for spending an estimated €60,000 on a recent week's holiday. Cooper also notes that Ronan drives a Maybach car which is valued at €650,000.


Are the developers in this country laughing at the taxpayer?

 

[vandriver]

The car is 6 years old so might once have cost that amount but definitely not worth that.Also it would be wise to differentiate between corporate borrowings and a private individual.

 

[StevieC]

Not all loans in NAMA are impaired either. Some developers are upset about their loans being transferred in as they are making their repayments. I'm not saying Mr. Ronan has good loans or bad loans but it maybe that hes one of the good ones.

 

[Slash]

NAMA was established specifically to bail out the property developers and builders. NAMA is the brainchild of Dr Peter Bacon, who used to be on the payroll of Sean Mulryan, one of the largest property developers.

So, yes, of course they are laughing at the taxpayer.

 

[Bronte]

Yes they are laughing at us as they transfer their properties to their spouses/children, as they hide funds in Switzerland, Caymen islands etc and keep the contracts for the good deals out of company a, b, c to z but into another vehicle and later when NAMA is up and running it will be them buying the properties back at bottom doller rates as they'll be the only ones with any money.

Just need then to get the government to get some new tax reliefs for property development in the future to 'stimulate' the lacklustre property market and get the economy going.