Readers like you keep news free for everyone.

More than 5,000 readers have already pitched in to keep free access to The Journal.

For the price of one cup of coffee each week you can help keep paywalls away.

Support us today
Not now
Dublin: 23°C Tuesday 9 August 2022

Nama to claw back €500million in assets

The agency expects to recover assets which debtors tried to put beyond its reach, its chairman Frank Daly has said.

Frank Daly
Frank Daly
Image: Laura Hutton/Photocall Ireland

NAMA EXPECTS TO recover €500million in assets that debtors attempted to put beyond its reach, according to the institution’s chairman Frank Daly.

He said the agency had already secured charges over some of the assets, which were investments which debtors had moved or given to relatives in an attempt to keep them.

Their recovery is an important step in winning the public’s confidence in the Nama project, Daly said. He told Newstalk radio:

It’s an achievement. It’s important in terms of reassuring taxpayers that we went after tese assets, after these transferred funds, and we got them back.

Daly also said that a new ‘product’ to help home buyers guard against negative equity would be rolled out by Nama within the next two months.

The “deferred consideration initiative” would provide a “buffer” for buyers, whereby the value of their home would be reassessed after five years, he said.

Protesters take over NAMA-owned building and open it to the public>

Making a difference

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.

For the price of one cup of coffee each week you can make sure we can keep reliable, meaningful news open to everyone regardless of their ability to pay.

About the author:

Michael Freeman

Read next: