Tag Archives: NAMA

NAMA the boat-owner

I asked NAMA (or rather its PR agency) how many private pleasure craft (boats) are “in NAMA”, having been owned by individuals or companies whose loans are now with NAMA.

I was told that “[…] the Agency has had an interest in less than five boats; all bar one of these have been sold.”

My guess is that that means four boats, which is not many, although I don’t see why private pleasure craft should be business assets (other than for, say, hire firms) in the first place. I don’t know whether any of them were based on inland waterways.

I have not asked banks or other lenders how many boats they have had in their fleets.


From WI's annual report for 2011

From WI’s annual report for 2011

NAMA and the River Suir

NAMAWineLake has a story here. More on the Suir in Clonmel here.

Waterways trees

Nama to Nature has been planting trees at Keshcarrigan on the Shannon–Erne Waterway, along which far too many developers wanted to sell houses that would have fast boats parked outside. I don’t know whether my photo shows the Waterways estate or a different one.

Keshcarrigan September 2011


h/t Ireland after NAMA.

NAMA, DDDA and the Grand Canal Basin graving dock

One of the graving docks


Interesting contextual material from Nama Wine Lake here. IWAI Dublin Branch page on the graving docks here.

Plot 8 has been NAMAed

The development of the Plot 8 site at the Grand Canal Docks, Ringsend, was to be the most valuable of three sites to be sold by Waterways Ireland, with Craggy Island hoping to use the proceeds to fund the Ulster Canal. The DDDA’s interest in Plot 8 has now passed to NAMA.

I provided background information from the Oireachtas Committee of Public Accounts here; the DDDA announcement is here but NAMA, alas, has no information at the moment.

DDDA had withdrawn permission for IWAI Dublin Branch to work on the graving docks at the site.

The Upper Shannon Renewal Scheme

The Irish state’s dedication to the interests of builders has been well discussed in Conor McCabe’s very readable Sins of the Father. That dedication is evident along the upper reaches of the River Shannon, where ludicrous tax incentives encouraged the building of ridiculous numbers of houses. Some of them are intended for colonies of white settlers, as at Dromod, but even allowing for holiday and retirement homes there are far more houses than will ever be used.

IrelandAfterNama discusses “Housing vacancy 1991-2011 in the Upper Shannon Renewal Scheme counties” here. It shows that by 2011 21.8% of houses in Longford were vacant, 22.1% in Cavan, 22.2% in Sligo, 23% in Roscommon and 30.4% in Leitrim. Some of those vacancies are actually holiday homes, and there are other caveats, but Rob Kitchin’s (measured) conclusion is:

All five counties show a marked increase in the housing vacancy level. Even allowing for obsolescence and replacement, and demand for holiday homes, it is clear that housing was being built in excess of demand and in response to the tax incentives (as clearly illustrated by Figure 5). The result is a significant oversupply of stock and a helping hand in the collapse of the banks (see Figure 6 for vacancy levels per ED).

I’d put it rather more strongly: the Upper Shannon Renewal Scheme was a gigantic waste of resources.