Belfast Telegraph

UK Website Of The Year

Nama has had 'no impact' on firm

Published 16/12/2011

A Northern Ireland property company whose loans have been taken into Nama has said the move has had "no impact" on its operations.

Monnaboy - formerly known as McGinnis Group - yesterday confirmed that the Republic's 'bad bank' had absorbed its loans with Bank of Ireland.

A spokesman said: "As with all property development companies with borrowings from Irish banks of over £20m, Monnaboy Group's loans transferred to Nama in October 2010.

"This move has no impact on the day-to-day running of the business.

"There is still significant demand for housing in Northern Ireland. In addition, 2011 has seen an increase in sales."

Estate agent Simon Brien of BTW Cairns said over 160 units in the Coopers Mill development in east Belfast had been sold since its launch in 2009, of which nearly 70 were sold this year, while 60 units had been sold in Bracken Hill in Four Winds in the city since its launch two years ago.

Mr Brien said the two schemes were "leading the way in terms of levels of sales over the past two years".

Your Comments

COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting?

Read More

From Belfast Telegraph