JUNIOR MINISTER FERGUS O’Dowd is not on the side of the developers – he is on the site of the economy, he said today.
O’Dowd made the comments on Newstalk this morning when asked about a report in today’s Sunday Independent that 66 developers are earning up to €200,000 a year for cooperating with Nama.
O’Dowd said it was “very important” that the story is out there, noting that Nama doesn’t pay the developers the money but allows them to take it out of the accounts they have while they manage the assets.
“The assets have to be managed within the best interests of the taxpayer and the State,” he said.
The alternative to certain developers, and not all of them, I think it’s only developers who are fully and absolutely compliant, is to put in receivers who would be far more expensive, their costs would be higher.
O’Dowd added that it is good if Nama is satisfied that they have transparency and accountability from the developers concerned, and this is the most efficient way to do it.
Acknowledging that the Celtic tiger “has brought us to this abyss in terms of our national finances”, O’Dowd said “the system collapsed because it was run on a boom that could never be sustained”.
He added that Nama is “doing an excellent job in very difficult circumstances” but said he is not on the side of the developers.
“I am on the side of the economy,” he said. “I am on the side of what is the best way to get the best return for our assets.”
I have personally brought developers to the High Court and made them do certain things out of my own pocket, so I’ve no issue about the credibility of what developers did or didn’t do.
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