Tuesday 6 December 2016

How Nama has become a builders' bailout

Published 30/10/2011 | 05:00

•Despite developers' reckless greed and irresponsible behaviour, Nama is paying at least two developers €200,000 and up to 120 others between €70,000 and €100,000 a year in salaries. l Nama admits it is now realistically only chasing the amount it paid for loans -- €31bn -- and not the original €78bn amount. l Nama is now willing to pay bonuses, potentially worth millions, to developers on all "profit" made above what it paid for loans. l Nama has allowed €2bn to cover legal and other advisory fees during its 10-year life span. l Nama is currently paying about €100,000 a day on financial and legal experts, according to its latest report. l Nama remains a secret society, and is not accountable under the Freedom of Information Act. l 122 senior people at NTMA/Nama are being paid more than €100,000. Nama CEO Brendan McDonagh's salary is €430,000.

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Daniel McConnell

Sunday Independent

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