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A RECEIVER was appointed to building contractors Michael McNamara Construction partly because of the difficulty untangling millions in intercompany loans, according to informed sources.
The building company, owned by the struggling property developer Bernard McNamara, went into receivership last week after failing to agree a business plan with Nama that would have secured its future. One of the difficulties in keeping it afloat was untangling loans with other companies controlled by McNamara, who has seen his debts transferred to Nama. All developers dealing with the toxic-loans management agency have had to submit detailed plans for making their businesses viable.
McNamara had attempted to save the construction company by stepping aside from the day-to-day running of the business earlier this year. It isn't known at this stage what impact the receivership will have on several public-private projects Michael McNamara is involved in. Among its current projects is the construction of Letterkenny general hospital.
One source familiar with McNamara's business said the appointment of a receiver was a "personal blow" to the developer as the company was set up by his father and is one of the oldest building companies in the state. It employed a large number of workers directly as well as many subcontractors.
Farrell Grant Sparks has been installed as receiver.
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Sirs,
Away from Ireland one sees matters differently. We gave away our sovereignty when Nice and Lisbon were re-voted upon; now we must either live with the consequences or invoke article 50 of the Lisbon Treaty of the Treaty of Vienna (it governs international treaties) and get out of the EEC. We are an island, 4 million people and never the financial policies of Germany, France and the Benelux will suit us; we are, at best, the periphery and have been very bold and imprudent. In my view what we need, now, is the democratic freedom to set our economic "ambiance", goals and objectives.
How can it be done?
By leaving the EURO zone and currency.
It maybe as expensive and tortuous - more? - as the future that awaits all of us, but we then can shape the policies required to have a vibrant economy and interest policy. We used to have our currency and and are able to earn foreign currency through exports - less if out of the EEC, so be it - but better than having Ollie Rehm, telling us what to do.
We have to take painful decisions - that MUST be taken, we cannot spend more than we have - let us take then and let us do then. The Euro was a fundamental error. The EEC, arguably a good thing. We, mainly, received structural funds and we gave away our biggest natural resource, 200 miles territorial waters. Ask Spain, Portugal, France et all, to give a total monetary value taken from our seas. In essence why not have back our own freedom, currency and dignity?
Like all important suggestions it is mighty difficult in few words - this post - to justify all the bases but it ought the be debated in depth to identify the true consequences and benefits. I, for one, feel that leaving the EURO is best for Ireland.
Thank you for reading this comment.