Friday 2 December 2016

NAMA's detective move a tough one

Published 15/12/2011 | 10:54

When, in April 2009, the late Brian Lenihan first announced plans for state bad bank NAMA to take over the banks' bad property loans, there were many who feared that the new organisation would be no match for wily property developers. Over two-and-a-half years later it is abundantly clear that, whatever other problems it may have experienced, NAMA is no soft touch.

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The private jets, the helicopters and art collections have long since gone while NAMA has appointed receivers over the assets of many property developers.

Even those property developers who have been able to agree business plans with NAMA have been forced to trade in their previous champagne lifestyles for a more utilitarian existence better in keeping with the fact that they have been bailed out by the taxpayer.

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