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NAMA chairman denies builders can buy back their properties cheaply

It had been claimed that developers whose properties were taken over by NAMA were looking to buy them back at huge discounts.

Empty office space at Hanover Quay in Dublin. Developers are reportedly attempting to buy back some of their NAMA-seized properties at a discount.
Empty office space at Hanover Quay in Dublin. Developers are reportedly attempting to buy back some of their NAMA-seized properties at a discount.
Image: Sasko Lazarov/Photocall Ireland

THE CHAIRMAN OF NAMA has denied that developers whose properties were taken over by the agency are now looking to buy them back at knockdown prices.

Frank Daly said this morning at the British-Irish Parliamentary Assembly meeeting in Cork that “intensive work is ongoing in reviewing the business plans submitted by the agency’s other major debtors”, RTE reports.

He also said that NAMA has only sold property through receivers – who have been told they are not permitted to sell these on to debtors or anyone connected to them.

The Irish Examiner reported today that the Taoiseach Enda Kenny said developers with renewed access to credit are now trying to acquire the property back from NAMA, which is now aiming to maximise its cash intake.

Speaking after the British-Irish Parliamentary Assembly meeting in Cork, Kenny said: “I hope that NAMA are on top of that, and that where NAMA have acquired assets that they don’t find their way back to where they were acquired from in the first place.”

The Irish Independent quoted Kenny as saying the government would investigate the claims. “There are certainly elements that I am not happy about,” he said.

That paper also quoted a NAMA spokesman who said it was illegal for debtors who had defaulted on their loans from buying property relating to the same loans.

NAMA paid around €31bn for €76bn worth of loans in its various payments to banks. Last year it posted a cash loss of €714m.

A full database of the property controlled by NAMA’s appointed receivers is to be published in the coming weeks.

About the author:

Gavan Reilly

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