A most distressed country

Published on 19/10/2012 00:00

Gleann Riada is a private estate partly controlled by Ireland’s National Asset Management Agency, the body created in 2009 in the wake of the financial collapse to handle distressed assets.

The first phase of Nama’s operation involved the acquisition and transfer of over €71 billion in loan assets involving 850 debtors and more than 11,000 individual loans collateralised by 16,000 individual properties. Nama began life with a very large balance sheet and has been given the task of managing it down to zero as soon as commercially possible. Yesterday, it announced it had sold £90m of property in Northern Ireland in three years, where it is owed £100m.

From dream home to living hell: Life on Ireland’s ‘ghost estates’

NOELLE McHale bought her “dream home” in a new estate in Ireland’s midlands in 2006 for €175,000 (£142,000 today). But her dream has turned to nightmare with her semi-detached worth only a fraction of that price, and the unfinished estate it sits in considered dangerously unsafe because of toxic gases.

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A most distressed country

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From dream home to living hell: Life on Ireland’s ‘ghost estates’

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