Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

The Alte Vetro building at Grand Canal Dock is one of Dublin's best-known NAMA properties. Laura Hutton/Photocall Ireland
NAMA Assets

48 NAMA debtors tried to transfer assets out of reach

Department of Finance figures show that 48 of the 188 debtors under direct NAMA management had moved assets.

OVER A QUARTER of the debtors who are under the direct control of NAMA have transferred assets to family members or overseas in a bid to put them out of the agency’s reach, it has been revealed.

Figures published by the Department of Finance show that of the 188 debtors whose loans have been taken under NAMA control and who are now in direct engagement with NAMA, 48 have been identified as having transferred their assets.

In 31 cases, the figures say, NAMA had secured agreement to reverse the transfers – with debtors agreeing to undo transfers of assets worth some €160 million.

In another 17 cases, NAMA said it had identified asset transfers and that it was confident it could have the transfers reversed.

In five cases NAMA has gone to court to reverse the transfers – though in only a third of the 48 cases were the transfers made to relatives within the last five years.

The figures relate only to the 188 debtors directly under NAMA management, and not include the 598 others whose debt is managed by Irish banks on behalf of the agency.

Separate figures show that half of the cash advanced by NAMA to developers – who together have been approved for loans of almost €1 billion to keep their businesses alive – has been given to developers for projects in Great Britain.

€980 million has so far been arranged for developers, with €740 million drawn down – and of that figure, 52 per cent relates to properties in Britain, with 39 per cent in the Republic of Ireland and 1 per cent in the North.

The details were provided by finance minister Michael Noonan in response to parliamentary questions from Pearse Doherty and Michael McGrath.

Read: NAMA refutes claims that it put 230 Google jobs in danger >

More: NAMA architect fears agency’s pursuit of debts is “not sufficient” >

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

Your Voice
Readers Comments
27
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.