Carroll property collapse would be best for taxpayers, says Labour TD

THE collapse of the Carroll property empire could be the best outcome for taxpayers, Labour’s housing spokesman said last night.

In a dramatic intervention as the Supreme Court considers the fate of reclusive billionaire Liam Carroll’s Zoe group of companies, Cork TD Ciarán Lynch said if they were refused an examiner it would mean the real value of property would be revealed ahead of the National Assets Management Agency’s (NAMA) creation.

In such a scenario a fire sale of Mr Carroll’s assets would set the market price for development assets which would then form the basis for the write-downs banks will have to take when the “toxic bank” takes over their bad land deals with taxpayers’ money.