Daly defends NAMA procedures regarding staff purchases of property

Daly defends NAMA procedures regarding staff purchases of property

NAMA chairman Frank Daly has defended procedures governing the purchase of NAMA properties by the agency’s employees.

The current rules only allow the purchase of a principal primary residence, with the prior approval of NAMA management.

In addition, it can only happen where the property has been openly marketed.  Mr Daly said that NAMA controls around 13,000 residential properties.

He added that it was felt that, with these restrictions in place, the policy is a proportionate response to the issue.

Mr Daly has said that 168 debtors being monitored by the agency are receiving salaries totalling €15.5m.

He said the total value of those debtors’ debts is €61bn, and that the total overhead and receivers costs amounted to €215m to date.

The chairman said the vast bulk of debtors – 112 out of 168 – continuing to run businesses were receiving salaries of between nothing and €50,000.

He said it could not be said that they were funding extraordinary lifestyles.

NAMA’s rationale, its chairman claimed, was that it could be the best commercial decision for NAMA and the taxpayer, if those developers were prepared to work with the agency.

 

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