Today in the press

Monday 21 July 2014 14.52
Today in the press
Today in the press

NAMA SAYS IT WILL NOT BANKRUPT COOPERATIVE DEVELOPERS - The National Asset Management Agency is telling developers who co-operate fully with it that it will not bankrupt them when the agency winds up, reports The Irish Independent.

The assurances come as an increasing number of developers in NAMA have moved to England and declared bankruptcy under that country’s relatively lax bankruptcy laws.

A total of 65 NAMA debtors have declared bankruptcy in the UK or US.

NAMA is worried that developers have little incentive to continue co-operating with the toxic loans agency if they know that they are likely to be forced into bankruptcy at the end of the process later this decade.

The agency has told Minister for Finance Michael Noonan in its annual report that it wants to combat what it calls “debtor fatigue”.

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CROSBIE LOST MILLIONS ON YAHOO AND AIB SHARES - Businessman Harry Crosbie lost up to €20 million investing in shares in Yahoo and AIB at the peak of the boom, according to The Irish Times.

Mr Crosbie’s failed investment took place at a time when his company borrowings were on their way to more than €400 million as he sought to achieve an ambitious vision for Dublin’s docks.

Mr Crosbie first invested about €20 million in Yahoo in the middle of the last decade. He cut his losses after losing several million euro, switching to AIB shares, his principal lender at the time.

AIB’s share price then collapsed to almost zero because of its exposure to property developers. Mr Crosbie yesterday declined to comment on his stock market investments.

He is currently campaigning to be allowed retain control of the Bord Gáis Energy Theatre in Dublin’s docklands.

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CORRIB GAS SET TO FLOW BY MID-2015 – The Irish Examiner reports that the coming on stream of the long delayed €3.4 billion Corrib gas project has moved a step closer, with tests confirming that all five Corrib wells are now ready to flow.

This follows Shell E&P Ireland Ltd flaring gas for a 24-hour period at the Ocean Guardian drilling rig over the now completed P6 well 80km off Co Mayo.

The successful gas flare, confirming the production capacity of the P6 well, “means that all five Corrib wells are ready to flow,” according to a Shell Ireland spokesperson.

The successful operation coincides with the firm lodging documents with the Companies Office confirming that it has provided a fresh cash injection of €100m to help complete the project.