Another Bacon Report. Take It with a Generous Pinch of Salt; It's a 'Contribution to the Debate on a National Economic Recovery'. Sponsored by a Developer

Daily Mail (London), June 13, 2012 | Go to article overview

Another Bacon Report. Take It with a Generous Pinch of Salt; It's a 'Contribution to the Debate on a National Economic Recovery'. Sponsored by a Developer


Byline: by Tom McEnaney

THERE is a philosophical school of thought called hermeneutics that might very usefully be used by anyone trying to understand yesterday's report by the acclaimed property economist Dr Peter Bacon on the future of the Irish economy.

A Contribution to the Debate on National Economic Recovery, on the face of it, is a wellargued and thoughtful analysis of where Ireland could go from here, on how we handle the overhang of property in the market, and the ongoing lack of demand.

But many students of hermeneutics -- which deals with the science of interpretation -- would say that to properly understand the report, one must look not just at its contents but also at the reasoning behind it, at why it was commissioned and by whom.

And you do not need a philosophy degree to be forced to the conclusion that Dr Bacon's report -- which, among other things, calls for the part-privatisation of Nama -- should be treated with a considerable degree of scepticism.

Skewed

Let's take one example and work from there. One of the principal recommendations of yesterday's report deals with how Nama treats the developers whose loans it has taken on.

In many cases Nama has made significant loans to these developers to complete or maintain properties. Dr Bacon concludes that the Nama/developer relationship has become adversarial and recommends that 'where dispute is unavoidable it is recommended that mediation would be a more cost-effective means of resolving issues in dispute rather than court proceedings and accordingly should be used where possible'.

On the face of it, this is a very plausible suggestion. Now, let's look a little deeper to the genesis of this report.

Well, yesterday's report on our national economic recovery was commissioned by Treasury Holdings, which at one time was one of the largest, and at all times one of the most interesthousing ing property development companies in Ireland.

Led by colourful partners Johnny Ronan and Richard Barrett, for a long time it looked as if Treasury Holdings might buck the trend and stay standing after all of its developer peers had fallen.

In January of this year, however, we were disabused of that illusion when Nama, which accounted for about [euro]1billion of Treasury's [euro]2.7billion in borrowings, called in those loans.

Treasury is currently seeking a judicial review of that decision in a move that could, if ultimately successful, cost the Irish taxpayer hundreds of millions of euro.

Indeed, on Monday, only hours before Dr Bacon's report was published, barrister and legal heavyweight Michael Collins was in court representing Treasury Holdings against claims by Nama that Mr Ronan and Mr Barrett improperly transferred shares to the value of [euro]28million out of the company.

Mr Collins claimed that the proceedings were premature and were best addressed by mediation. Just a few hours later, Dr Bacon, in his Treasurycomissioned report, mirrored that conclusion.

Would it be overly cynical to suggest that the recommendations of a report commissioned by Treasury, by one of Nama's most ardent critics, by a company whose very future is tied in with the future of Nama, might perhaps be more skewed to the interests of Treasury than to the national good? …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

Another Bacon Report. Take It with a Generous Pinch of Salt; It's a 'Contribution to the Debate on a National Economic Recovery'. Sponsored by a Developer
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.