NAMA - Debt forgiveness for developers.

[Complainer]

Well first of all at this point, we don't know what if anything has been agreed and given the current climate, I would hope that it is only done in cases where NAMA has no other reason option but to do a deal. I see to situations where a deal could be justified:

• You need specific information or support from the developer in order to proceed with the disposal of the properties
• The developer is in a position where he throw up legal road blocks that would keep NAMA in court for years and thus fustrate their ability to proceed with the disposal of the properties in a timely manner.

In both situations there is no other option such as going to the market as you suggest.

Jim.

We know that they are "paying two builders salaries of €200,000 to manage their companies. Many more are paid salaries of between €50,000 and €75,000." http://www.dailymail.co.uk/news/article-2020702/Nama-boss-Brendan-McDonagh-says-pursue-developers.html#ixzz1TrzXGPnX

In terms of 'legal road blocks' or 'information', this should be dealt with in legislation. I'm not sure what you mean by 'support' from the developer.

It is offensive to many that developers are now being paid by the State in such circumstances.

It sounds great, but trying to put it into practice is the issue - how do you know what the guy knows, before he tells you? and how do you prove he knew it in the first place...... And of course if you already what he knew, then you probably would not need his help at all.

How do you know what he knows when you start paying him? How do you know that you're getting value for the money being paid out?