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Developer demands big NAMA wage deal

DEVELOPER Bernard McNamara is seeking a six-figure salary to oversee the operations of his struggling companies.

In a business plan submitted to NAMA, Mr McNamara outlines how he intends to head up his companies' operation -- but notes that he wants a significant salary to do so.

Mr McNamara has denied weekend reports that the figure in question is €300,000.

The developer owes banks around €1.5bn and has recently seen art and other valuables seized from his luxury home on Ailesbury Road in Dublin 4.

He shot to prominence in 2008 after pulling off a Public Private Partnership with Dublin City Council to rebuild the rundown O'Devaney Gardens.

Today, city councillor Christy Burke (Ind) expressed astonishment that McNamara could seek such a significant salary in the current circumstances.

Billions

He has demanded that if NAMA approves a substantial salary then the developer should pump some of it back into the community.

"I have no real feelings towards Bernard McNamara, but it galls me to think the taxpayers who bailed out the banks after they loaned developers millions and billions have to put up with this now," he told the Herald.

NAMA is charged with deciding on the wages of developers whose assets have been transferred to the agency.

It has said that there is "no question whatsoever of support for extravagant lifestyles of any developer".

It is reported that Mr McNamara is seeking the salary in return for running his construction company, Michael McNamara & Co, and managing his investment assets which include hotels and office blocks. He has submitted a detailed proposal to NAMA outlining his determination to pay his debts.


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