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NAMA defends silence on loans

THE NATIONAL Asset Management Agency (NAMA) was criticised for not providing inaccurate information that it claims it received from the banks in 2009 about the value of property loans.

And chief executive of NAMA Brendan McDonagh (right) said that 20 out of the top 30 developers had transferred assets to family members.

The chairman of NAMA defended the fact that the agency did not give details of the information to the relevant authorities at the time. However, he said that if the banks' figures had been accepted by NAMA it would have cost the State €20bn in overpayments.

Members of the PAC have criticised NAMA for not informing the relevant authorities about the matter.