NAMA HAS RESPONDED TO last night’s Prime Time by reiterating that it will pursue developers who transferred assets to their spouses.
The Prime Time Investigates special last night focused on the lifestyles of some of the main NAMA developers and what they have done with their assets.
The programme focused the transfer of certain assets by developers such as Gerry Gannon, who legally transferred 29 properties to his wife’s ownership in the past year. Cork developer Michael O’Flynn was filmed travelling by helicopter to watch his racehorses compete at different race meetings.
The Guardian reports that the developers have done nothing illegal in transferring their assets, but the PT investigation underlined the opinion that NAMA needs to get tougher.
Responding to last night’s broadcast, NAMA said in a statement that it is pursuing developers to bring back assets which they have transferred from their own names in an effort to push them beyond the scope of NAMA.
Yesterday, NAMA’s chairman Frank Daly, who participated in the Prime Time programme, confirmed the agency had acquired 11,000 loans from 850 debtors with a nominal value of €71.2bn. In that statement, NAMA added:
As a result of the Agency’s insistence, a number of borrowers whose loans have been acquired by NAMA have reversed or are in the process of reversing transfersof over €130 million worth of assets which they had previously sought to transfer beyond the reach of NAMA or the relevant Banks. These assets will now be used to support the execution of the agreed business plans.
Watch the full Prime Time Investigates episode >
Today’s Poll: Do you trust NAMA to force developers to pay their debts? >
To embed this post, copy the code below on your site
have your say