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A company owned by leading property developer Gerry Gannon has warned that the setting up of Nama and the current crisis in the banking sector could result in loans no longer being renewed or rolled over by banks.
Gannon, a major landowner in north Co Dublin, owns the company Erkindale Investments Ltd and the company's auditors have placed an ``emphasis of matter'' on the company's accounts and added comments in relation to the current banking crisis.
"Due to the current crisis in the banking sector and the proposed legislation which will have significant impact on the current operation of the banking sector, it is possible that the company's banking facilities may not be renewed, or may be renewed on different terms,'' said Gannon's auditors.
"This may impact on the company's ability to continue as a going concern,'' they added. The auditors did not qualify the accounts in any way. Known for wearing a trilby, Gannon's assets include the 208-acre Belcamp College which he bought in 2004 for more than €100m and the new town of Clongriffin near Baldoyle. He also owns half of the K Club resort in Straffan, Co Kildare with the remainder owned by Michael Smurfit. At one stage he gave Irish Nationwide a mortgage to buy land in north Dublin.
Erkindale is a borrower with AIB, but Gannon has also been a customer over the years of Anglo Irish Bank and Irish Nationwide.
Gannon was originally a land wholesaler, buying up green belt land, getting it rezoned and then selling it on to developers. He later became involved in development himself.
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This is just the start of what we are going to face if NAMA goes ahead. Yet some people with borrowings in the main stream banks are looking for nama to be implemented. I wonder why. It will bankrupt this tiny island and it is not necessary to do it this way. If more interest was given to the householders in this country and to hell with the banks then the country would work its way out of this enormous hole. Anglo has been described as a zombie bank and it is fair to say that they may even be INSOLVENT. They will get the lion's share of the money from nama. This makes no sense at all only "nonsense". I wonder why they are doing it? Still I think that if there was an election next week there would be no change, not that Enda Kenny represents change or the others either. It is our fault and we should fix it now and not wait.