Receivers take control of landmark former BoI HQ – Irish, Business – Independent.ie

THE receivers took control of the former Bank of Ireland headquarters building on Baggot Street in Dublin yesterday — another reminder of how far the financial services sector has fallen.

The move sparked renewed hopes that social network giant Facebook may take over the distinctive building as it expands here.

The high-profile 1960s offices were bought for €200m by a consortium led by Derek Quinlan at the height of the boom in 2006.

Yesterday, Kieran Wallace of KMPG took charge of the building on behalf of Bank of Scotland Ireland, Danske Bank and Rabobank.

The vast office block was built between 1968 and 1978 in a stark modernist style that makes it one of the most distinctive buildings in Dublin.

Creditors

The creditors are likely to have been buoyed-up by reports that Facebook is looking at the Baggot Street offices, along with several other properties, for its expanding Dublin operations.

While the next stage in the building’s history is not certain, yesterday’s move marks an end to the involvement of the investor syndicate that bought the property from Bank of Ireland’s Pension Fund and which reads like a who’s who of Celtic Tiger Ireland.

via Receivers take control of landmark former BoI HQ – Irish, Business – Independent.ie.

Strange Random Banking Quote:

If all bank loans were paid…there would not be a dollar of coin or currency in circulation. Someone has to borrow every dollar we have in circulation. We are absolutely without a permanent money system. – Robert Hemphill

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Posted on January 25, 2012, in Article and tagged , , , , , , , , . Bookmark the permalink. Leave a comment.

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