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David Daly and family: apology

AN article on December 20, 2011 concerning a settlement reached between property developer David Daly, his family and NAMA incorrectly stated that it included the reversal of a 2009, €80m cash/property asset transfer by Mr Daly to his wife, Mary Daly.

We wish to clarify that this asset transfer to Mary Daly was not reversed and that NAMA neither threatened nor brought legal proceedings to set aside the transfer.

A further article on Page 2 of Business Week on Thursday December 6, 2012 alleged that NAMA had recovered €80m in assets, including cash, from David Daly, Mary Daly and their family.

It has been pointed out to us that it may have incorrectly suggested that the alleged recovery of €80m resulted from the reversal of the asset transfer made in 2009 by David Daly to Mary Daly. Any suggestion to that effect is regretted. We take this opportunity to clarify matters and to apologise to the Daly family.

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