Monday, May 4, 2009

"The banks are being bailed out and they are putting the boot in right, left and centre, destroying businesses. They're not lending and they're getting away with telling lies. The sadness is that our lovely country is being destroyed. And we all have a responsibility for it. We over-expanded; fully accepted. But a lot of people gained from it, people selling land, the Revenue in particular, the Government got a huge boost in revenue from people buying homes. And the sad thing for me is that Anglo Irish has been blamed for so much. Seanie FitzPatrick, David Drumm, they're the best in town. They made mistakes, of course. But there's been too much blame passed on to them." (Paddy Kelly)

"What's wrong with development? Are we so confused in our thinking that we misunderstand what development is? The nicest places in the world have come about through development....Were we wrong to house Compaq in Ireland? But we're being told we were wrong. Were we wrong to house O2? We're being told we were wrong. We're awful. We're developers. Were we wrong to build Smithfield and Clarion Quay? As of now, did we make a mistake to do any of that? As of now, that's what's being printed -- every day of the week." (Paddy Kelly)

"We've worked our nuts off to make thing work and to have performing loans. We're going to be screwed to balance against the developers who messed up. They're hijacking the income from the assets to pay for the revenue they have to pay out on the bond [that the government will use to fund the acquisition of Nama's loans]. Are guys supposed to work out these problems for nothing? Because once something goes into Nama you're effectively no longer involved. The income is ringfenced so they'll take it away and cripple you. This thing is ferocious." (Anonymous senior property development executive)

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