Saturday 18 November 2017

Allsop auctioneer linked to NAMA

AGITATE: Jerry Beades and TD Michael Healy Rae, right, protest at the Allsop auction last week.
AGITATE: Jerry Beades and TD Michael Healy Rae, right, protest at the Allsop auction last week.
Peter Flanagan

Peter Flanagan

ONE of the auctioneers involved in the controversial Allsop auctions is a director of a business with loans with NAMA, it has emerged.

Stephen McCarthy, who is director of Allsop Space, is also a director of Furze Road Development Limited – a company with ties to the developer David Arnold.

That firm lost more than €400,000 in 2011, the most recent year for which accounts are available, and had accumulated losses of €3.4m. The firm had loans from Irish Nationwide, which are believed to have been transferred to NAMA.

Despite Furze Road Development's involvement with NAMA, Mr McCarthy and Allsop are free to sell properties, the loans of which are tied to the state bad bank.

NAMA debtors are not allowed to buy property from the agency, but NAMA is believed to treat Allsop like any other estate agent. When it feels a debtor can no longer afford to retain their property, they advise the debtor to sell it, but they do not dictate how they sell or what sales agent the vendor can and cannot use.

That means a person could use Allsop Space to sell their property even if their loan is with NAMA. The bad bank could not confirm if some of the properties financed by its loan portfolio had been sold by Allsop Space, as the size of those properties – such as individual apartments – was so small.

A spokesman for Mr McCarthy confirmed he was a director of Furze Road Development, while a NAMA spokes- man said the agency does not comment on the workings of the agency.

Allsop have held a number of auctions, mostly of repossessed properties, in Dublin over the last year. The most recent one had to be postponed after protesters blocked the auction from taking place. It does not sell repossessed family homes.

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