October 15, 2008

DDDA's Vision For Sandymount

DDDA's Vision For Sandymount

Image Inspired By London Independent

  • They are Kremlinesque, the most secretive communications operation I have ever encountered. They try to kill stories and suppress the flow of information to the public. They obfuscate.
  • Their annual report fails to give any information about the directors -- all political appointees. Names only. They could all be escaped convicts, hermaphrodites or illiterates for all we are told.
  • Its contacts with the public (whom it is meant to protect) are Orwellian.

[Oct 2008: Banks given €480,000,000,000 protection money; medical cards used for funding].

Q: An Irish Senator wrote the above comments. About who?

  • Dublin Docklands Development Authority?

  • Environment Protection Agency ?

  • An Bord Pleanala ?

  • Anglo-Irish Bank?

  • Dublin City Council?

  • Financial Regulator?

A: Pussycat Paddy is for the birds

1 comment:

Anonymous said...

A second trophy development hanging in the balance is the 24.5-acre Irish Glass Bottle site in Ringsend. It too smashed Celtic Tiger price records when it was bought in November 2006 by a consortium involving builder Bernard McNamara, financier Derek Quinlan and private clients of Davy stockbrokers. Anglo Irish Bank, the country's third biggest bank, has lent €288m for the project which envisages 2,166 apartments. The auguries are not good. Another developer, Liam Carroll, applied for permission to convert his brand new apartment development at the old Gasworks into a hotel, just down the road from the IGB site, when he failed to offload the apartments. Davy's clients put up €52.25m of the purchase price with McNamara's company lending it €62.5m plus a personal loan of €101,000. The starting date for construction – which will cost as much again as the purchase price – is next April. Watch this space.

Of the six institutions rescued by the government's decision last Monday night, AIB has the biggest loan book for the construction and property sector, at €30bn. Bank of Ireland has about €14bn. Irish Nationwide has nearly €10bn. Probably the most vulnerable of all is Anglo Irish Bank, the third biggest Irish-owned bank which described itself as "a relationship bank" but is more popularly known as "the builders' bank" and "the bank for big fish."

It is exclusively engaged in commercial lending and, though it has just 30,000 customers, its loans, primarily to the property and construction sector, come to €70bn.

It is no surprise Anglo Irish was the one said to be closest to the precipice of ruination last Monday when its share price plummeted by 47%.

The country's richest person, Seán Quinn, owns 15% of the bank's shares, along with his family.