WITH six State-backed banks preparing to join the National Asset Management Agency (NAMA), the fear had always been that a major foreign-owned lender would pull support from developers first -- creating a domino effect across the troubled banking and property sectors.http://www.independent.ie/national-news ... 28768.html
However, most, including Ulster Bank, KBC and Bank of Scotland (Ireland), had indicated that they would co-operate closely with NAMA in working out risky property loans.
One exception was ACC Bank, the former State-owned agricultural lender acquired by Dutch financial services giant Rabobank 2002. The Utrecht-based bank had signalled in recent months that it was not prepared to wait around as other banks held the hands of developers all the way to NAMA.
ACC is tiny with only €6.5bn out on loan to customers. But its aggressive stance has sent shockwaves through the banking system.
Em, since we are picking up the tab at the end of the day, surely this is the best approach. I know my bro would be feeling the heat at this stage if I was paying off his credit card bill (which I wouldn't be
"We've always stated that NAMA is about protecting the economy, not developers," a spokesman for the Department of Finance said. However, he declined to comment on individual cases.
There is no emoticon for that.