Belfast Telegraph

Nama has had 'no impact' on firm

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".

Weekly Business Digest Newsletter

This week's business news headlines, directly to your inbox every Tuesday.