Tuesday 20 March 2018

NAMA chief rejects claims builders buying back cheap properties from agency

Independent.ie reporters

NAMA chief Frank Daly has refuted claims by Taoiseach Enda Kenny that builders are regaining control of properties from NAMA for prices cheaper than had originally been paid for them.

Speaking in Cork yesterday, Mr Kenny said he was concerned that developers were using a variety of methods to acquire properties that had been taken from them by NAMA.

But Mr Daly, speaking at the British Irish Parliamentary Assembly in Dublin this morning, defended NAMA’s position adding that the agency is prohibited from selling property to defaulting debtors.

He also said that intensive work is ongoing in reviewing the business plans submitted by the agency's other major debtors.

NAMA has purchased over €72bn worth of loans taken out by 850 property developers and has analysed business plans of over 40 of them.

It has also sold property worth €3.3bn through receivers in situations where developers refused to co-operate with it or had defaulted on their loans.

Business Newsletter

Read the leading stories from the world of Business.

Also in Business