Tuesday 21 November 2017

Nama a 'terrible shambles', says Birrane

As investigations into allegations made by Independent TD Mick Wallace concerning its Northern Irish loan book and the conduct of one of its portfolio managers get under way, Birrane added: 'Nama and the way it operates should be changed, not just investigated'
As investigations into allegations made by Independent TD Mick Wallace concerning its Northern Irish loan book and the conduct of one of its portfolio managers get under way, Birrane added: 'Nama and the way it operates should be changed, not just investigated'

John Reynolds

Self-made Mayo-born property tycoon Martin Birrane has slammed Nama as "a terrible shambles" for the layers of receivers, agents and advisers earning multi-million-euro fee bonanzas from their involvement in selling the properties it controls.

As investigations into allegations made by Independent TD Mick Wallace concerning its Northern Irish loan book and the conduct of one of its portfolio managers get under way, Birrane added: "Nama and the way it operates should be changed, not just investigated. There are too many layers of people involved. Between a bank and a purchaser there are four layers of fee-makers.

"The other winners are not the banks or the taxpayers, but the vulture funds to which huge packages of loans are being sold."

Speaking to the Sunday Independent in a rare exclusive interview at the London offices of his Peer Group, which owns a portfolio of UK properties worth €234m, the motor-racing enthusiast, former Le Mans winner and Mondello Park owner said he had looked into a number of properties there and in Ireland controlled by Nama, but declined to elaborate further.

Sunday Indo Business

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