Belfast Telegraph

Developer's wife pursued by Nama over loans

The wife of a prominent developer in the Republic could be forced by Nama to hand over millions of euro worth of properties transferred into her name as the bad bank pursues developers' assets.

It is understood the woman gave personal guarantees to the banks over loans taken out in her name.

Now the personal guarantees by Margaret Gannon, which were pledged as security for money she borrowed, have been acquired by Nama and it can use them to go after these properties to recover monies she owes.

Gerry Gannon, who is co-owner of the K-Club golf course in Co Kildare, had transferred a wide portfolio of assets into his wife's name, including houses, apartments and land in counties Dublin and Roscommon.

The details of the finances of the Gannons emerged in a episode of current affairs programme Prime Time on RTE television, detailing the transfer of 22 properties to Mrs Gannon.

Most of Nama's biggest 30 borrowers are believed to have transferred assets to family members in the run-up to the establishment of the toxic loans agency. Other developers have "agreed in principle" to reverse asset transfers to family members.

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