NAMA to recover €500 million in assets from debtors

NAMA to recover €500 million in assets from debtors


NAMA chairman Frank Daly expects the organisation to recover €500 million in assets that its debtors attempted to put beyond its reach.

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.

Speaking to Newstalk radio, Mr Daly said the recovery of the assets was an important step in winning over public’s confidence in the NAMA project.

He said: “It’s important in terms of reassuring taxpayers that we went after these assets, after these transferred funds, and we got them back.”

Mr Daly also said that a new product to help homebuyers guards against negative equity would be rolled out 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.

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