BACON SHOULD HAVE BEEN GRILLED.Byline: PAT FLANAGAN John Patrick "Pat" Flanagan (born 1891 in Preston, Lancashire) was an English footballer. An inside forward, Flanagan played youth football for Stourbridge before joining Norwich City in 1908, before moving to Fulham in 1909. THE brains behind the "bad bank" bailout strategy should have faced a grilling by TDs before taking up his role, it was claimed yesterday. Labour Party finance spokeswoman Joan Burton Joan Burton (Irish: Siobhan de Bhurtúin; born February, 1949) is an Irish Labour Party politician and in September 2007 is its Deputy Leader. said Dr Peter Bacon's appointment as an adviser in the setting up of the National Assets Management Agency should have been put before the Dail. She added: "I do think that there should have been more transparency over the appointment." It is a matter of record that the economist was a director of Ballymore Properties - a construction firm with extensive real estate interests in Europe and Ireland - up until last summer. Dr Bacon's big idea was to set up a bad debt company to take loans off the banks' balance sheets. But critics claimed this could saddle the state with debts of up to EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 90billion while letting those who took out the loans off the hook. It has now emerged that up to EUR30million of that debt is tied up in overseas properties. Dr Bacon was previously responsible for the management and development of Ballymore's extensive central European business. The company has a large portfolio of properties in Slovakia, the Czech Republic Czech Republic, Czech Česká Republika (2005 est. pop. 10,241,000), republic, 29,677 sq mi (78,864 sq km), central Europe. It is bordered by Slovakia on the east, Austria on the south, Germany on the west, and Poland on the north. and Hungary. Dr Bacon joined the board of the firm - owned by property tycoon Sean Mulryan - in 2005. At the time, Mr Mulryan was involved in a EUR750million housing and shopping complex in the Slovakian capital of Bratislava. Many leading Irish builders are facing ruin after taking out huge loans against property which has now plunged in value. One major property developer has already told the High Court he faces bankruptcy and cannot even pay off small debts. Yesterday Tanaiste Mary Coughlan This article is about Mary Coughlan, the Irish politician. For Mary Coughlan, the Jazz singer, see Mary Coughlan (singer). Mary Coughlan (Irish: Máire Ní Chochláinn denied Nama was set up as a way of bailing out the banks and builders. Labour has already called for the publication of the report by Dr Bacon on proposals to deal with the toxic debts in Irish banks. His plan would see the Government issuing bonds to the banks in exchange for troubled loans. But there are fears the taxpayer will be lumbered with massive debts which could not be paid off for decades. Irish Mirror Comment: Page 10 CAPTION(S): EXPERIENCE With Bertie Ahern in 2000 ACTION PLAN Peter Bacon suggested National Assets Management Agency CONFIDENCE Economist with Finance Minister Brian Lenihan |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion