Saturday 29 November 2014

NAMA has put 296 developers into receivership so far

Daniel McConnell Political Correspondent

Published 06/03/2014 | 02:30

NAMA has so far placed 296 individual developers or groups of developers into receivership, the Irish Independent can reveal.

Based on figures provided, since its inception in 2009 the National Asset Management Agency has moved against 37pc of the developers it has dealt with, including high-profile ones such as Sean Dunne, Paddy Shovlin, Bernard McNamara, Richard Barrett and Johnny Ronan of Treasury Holdings.

But last night, Fianna Fail finance spokesman Michael McGrath said he was "highly concerned" at the high number of developers who have been moved against.

"NAMA must only move as a last resort. The time has come for an impact study to see if NAMA's approach is too aggressive," he said.

The figures were released by Finance Minister Michael Noonan in reply to a parliamentary question from Mr McGrath.

In total, NAMA acquired loans of around 800 debtors, which, according to the latest information, had "5,000 borrowing entities".

The newly released information shows that as of February 21, NAMA says it has been "necessary to enforce against 296 debtor connections".

NAMA describes a debtor connection as one debtor or a number of closely connected debtors.

It says an enforcement strategy is pursued where the debtor's business plans were considered unacceptable, the debtor is in default and is not co-operating or where some other event has occurred that could potentially threaten NAMA's position as a creditor.

In total, NAMA is in an enforcement position against 2,475 properties. These include 36 public houses, 145 office developments, 27 hotels, finished and unfinished housing developments, agricultural land and retail outlets.

Irish Independent

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