Friday 15 November 2019

Anglo HQ sale stalled over fees row

Tom Lyons

The Central Bank is in a stand-off with the National Asset Management Agency that has delayed it handing over a cheque for €7m to buy its proposed new headquarters in Dublin Docklands.

The bank plans to turn the shell of the proposed new headquarters of Anglo Irish Bank, which has become an emblem of Ireland's bust, into its landmark new home.

However, the Central Bank has been unable to agree with Nama how much it should pay in annual management fees for maintenance of the surrounding site, despite signing heads of terms on May 31.

The dispute has reached senior figures in the Central Bank who are anxious to resolve the row which has rumbled on for months.

Nama, however, said: "The sale process is well advanced and we're looking forward to a successful close."

A spokesperson for the Central Bank said: "Negotiations are advanced and both parties expect to be in a position to conclude shortly." Both Nama and the Central Bank declined to comment on any outstanding issues between both sides.

The Central Bank plans to invest €50m in the building which was half-built by developer Liam Carroll. About 250 construction jobs will be needed to complete the project which will add significant value to the surrounding land which Nama also hopes to see developed.

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