Bob Nellies
Registered User
- Messages
- 32
Interesting idea. Sounds better than the bank recapitalisation scheme. However, I wouldn't trust the government to do that. Far too much scope for corruption there.Government appointees purchase back the development land for an agreed sum
Interesting idea Bank Manager. The fact that nearly all potential bad loans in Ireland are construction related means that this just might actually work. If done the right way, 8 Bn would go a long way to cleaning out the bad stuff on the Irish banks books and should encourage confidence in the Irish system.Government appointees purchase back the development land for an agreed sum - (still leaving an identified exposure for both developers and bank's to deal with - but by Government buying the land, things will have crystallised).
The thing is, we are already bailing them out without getting any tanglible asset in return.This only makes sense if the Govt. pays ABOVE MARKET prices for the land. So how much above market prices and why should the taxpayer bailout the developer/banks anyway?
Hmmm, only if you think 7 bn is enough...It's all academic now - they've made their decisions - so this idea with countless others may be consigned to the bin ....
BM
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