So it was a builders' bailout after all
Published 31/07/2011 | 05:00
They and the banks have ruined the country -- but now a coterie of the most heavily indebted Nama developers stands to make millions of euro in "incentivised" earnings from the State's bad bank, the Sunday Independent can reveal.
Despite the greed and reckless lending, which caused the 2008 crash, many of the biggest developers or "debtors" are being paid salaries of more than €200,000 a year, having agreed business plans with the State bad bank for the workout of their loans.
However, it has now emerged that developers who "fully engage and cooperate" with Nama, who realise a profit not on the total value of the original loan but on what Nama paid for the loan, will share in that gain, despite the huge burden placed on the taxpayer to date.