Thursday 8 December 2016

Zeal to wind up NAMA a cause for concern

Published 14/08/2014 | 02:30

The government appear keen to wind down NAMA ahead of the next general election. Newscast/UIG via Getty Images
The government appear keen to wind down NAMA ahead of the next general election. Newscast/UIG via Getty Images

The legal battle between Cork developer Michael O'Flynn and Blackstone, the US private equity group, has shone a light on the fate of some developers whose loans were transferred to NAMA at the height of the global economic crisis in 2009.

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It has also drawn attention to the role of NAMA and the Government's apparent determination to see the toxic loan agency's work completed well in advance of its initial projected lifetime.

Many developers complained bitterly about the conditions imposed on them and their businesses by NAMA, whose mandate is to realise the best value for the heavily discounted loans it assumed from bailed-out banks.

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