The National Asset Management Agency (Nama) is preparing to offer financial incentives to property developers in an attempt to stop its debtors declaring bankruptcy in Britain. According to the Sunday Business Post, Nama has briefed the Department of Finance on potential inducements for debtors that could include enhanced profit-sharing for successful projects.
Developers will also be allowed to reduce their personal exposure on company borrowings if agreed targets are reached. The paper reports that 63 Nama developers have been declared bankrupt in the Britain and Northern Ireland, and a further two in the US.
Intel in plea on water charges
Intel has called on the water regulator to give big industrial customers special recognition in the new water charges regime. The computer chip manufacturer has asked the Commission for Energy Regulation (CER) for a cap on annual water charge increases to reduce "the threat of uncontrollable charge increases damaging industry", the Sunday Times reports. The CER is to reve
al its recommended water charges this week. The charges are due to come into place from October 1st.
Intel, which employs 5,200 staff in Ireland and announced a €3.5 billion upgrade to its Kildare campus this year, uses about 300 million litres of water a year at the Leixlip plant but discharges about 260 million litres into a wastewater treatment facility in the town.
Bank liquidators sue Maple 10
Two members of the so-called Maple 10 – developers issued with loans of up to €45 million each by Anglo Irish Bank to buy shares in the bank – are being sued by the institution's liquidators attempting to recover part of the loans. The Sunday Times reports the move against Paddy McKillen and Gerry Maguire have been instigated just before the six-year anniversary of the loans, which would have prevented any further legal action under the statute of limitations for breach of contract actions.
Reversal on Setanta claims
The Motor Insurers’ Bureau of Ireland will not accept third-party claims against policies written by Setanta Insurance, which went into liquidation in April, even though it initially gave assurances it would, reports the Sunday Times.
The reversal – after the MIBI sought legal advice – means at least 2,000 people will never receive the full compensation they have been awarded. The claims will be paid from the State-run Insurance Compensation Fund, which pays a maximum of 65 per cent of each award with a cap of €825,000 on individual payouts. Estimates of the value of outstanding claims vary but the former directors put it at €35 million. However, liquidators believe it could be significantly higher.
Two UK food firms to float
Two of Britain's largest food producers, Birds Eye and United Biscuits, are considering flotation on the stock market before the end of the year, the Sunday Telegraph reports.
The newspaper quotes senior banking sources as saying United Biscuits is likely to come to market first.
