Philip Nowlan, current CEO of a large Irish REIT, back in 2009 on the financial crash/bail-out

Philip Nowlan, current CEO of a large Irish REIT, back in 2009 on the financial crash/bail-out from ireland

8 comments

  1. I’m not 100% clear on the context here but I do wonder sometimes is this current housing crisis, and the abundance of BTR etc, not just the same kind of people that caused the financial crash just coming back for seconds?..

    The blurb from his company’s site: ***Kevin Nowlan*** *is one of the* ***founders of Hibernia*** *and was Chief Executive Officer from its* ***inception in 2013*** *until June 2022. Previously he has held* ***senior roles in NAMA*** *and Treasury Holdings and was MD of WK Nowlan Real Estate Advisers. He is a Chartered Surveyor with more than 25 years’ experience in the Irish property market, including commercial agency, property management, investment, development and development financing, commercial loan portfolio management and debt restructuring. He has a BSc in Estate Management from the University of Ulster, an MBA from Ulster Business School and a Diploma in Project Management from Trinity College, Dublin. Kevin is currently Chair of ULI Ireland.*

    He basically started a REIT in 2013, the year Fine Gael let the REITs into the country and gave them tax-breaks. The financial crash and the current housing crisis is a boon to guys like this.

  2. Just to have a stab at this, the civil servants saw their chance to centralise the finance of construction in to only large institutional investors, presumably the idea being that building at scale would kick in economies of scale, with the provision of housing units being delivered at a far lower expected cost than today.

    Didn’t work out, instead it’s destroyed the viability of smaller developers and builders who we rely on to provide housing outside of the cities, and has given us this utter fucking shitshow of a disaster instead.

  3. You know what, this cunts a crook, the politicians who let REITs build to rent are crooks and you know who’s to blame…The Irish people not willing to do a god damn bloody thing about it.

    Your house prices are high, your groceries are high, your VRT and Insurance is high, your USC is still here, kids can’t afford college dorms, the healthcare for the taxation is sub par, the public transport is sub par, they’re taxing vehicles at the Airport when you can only get there by road.

    They’ll all have a whinge and a moan but they’ll NEVER do anything about it. The apathy is franky disgusting.

  5. ‘So who pays the debt?’

    ‘Nobody,’ he says kinda smugly.

    ‘The taxpayer?’

    ‘Well, yes…’

    This carry on is the route of many of our problems but we kinda let it happen.

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