NAMA developers are facing hundreds of questions
THE letter sent to developers owing money to the National Asset Management Agency (NAMA) includes hundreds of questions about the individual developer's property, their pension, pending litigation and financial forecasts for the next three years, according to a copy seen by the Irish Independent.
The bewildering and detailed questionnaire has been sent to some of the 100 developers who saw their loans transfer to NAMA earlier this week.
The agency expects to eventually process up to 15,000 loans belonging to around 1,000 individuals by next February.
Real Estate Opportunities, the property company controlled by developers Johnny Ronan and Richard Barrett, said yesterday that it had begun transferring loans worth around €900m into NAMA.
Questions which will have to be answered by developers include requests for details of their company's contingent liabilities and cross guarantees, tax audits or investigations, and their "top 10 creditors" along with a commentary on the developer's relationship with each lender.
Other key information required by NAMA includes details of any transfers of assets to developers "or related parties" as well as details of any borrowing by key employees, family and friends backed by company guarantees.
All developers will also have to supply two years of accounts, "whether audited or unaudited", and details of every country where they do business.
Developers are also asked to assess whether their developments are in prime, secondary or tertiary locations and to comment on the land's attractiveness to the market both now and in the future.
The so-called data pack, which will contain the developer's answers, must be filled in on a computer and then copied on to a CD as well as being printed out and bound four times before being sent to NAMA by registered post.