Belfast Telegraph

In hot pursuit of crafty developers

N ama's hoggiNg of the limelight is coNtiNuiNg, as the ageNcy's chief BreNdaN Mc DoNagh is forced to accept a pay cut to his €700,000 salary. The ageNcy has also come out fightiNg iN its crusade agaiNst developers iN the Republic who are attemptiNg to evade its reach by traNsferriNg assets to their better halves.

Mr McDonagh is delving deep into the law books to pluck out the 1674 Conveyancing Act, which he will use against crafty individuals who transferred the goods before the Nama legislation came into force.

He has also warned that the sanctions for those who try to lead Nama up the garden path would be up to five years in jail and fines of up to €5m.

Meanwhile, Northern Ireland's finance minister Sammy Wilson met his counterpart in the Republic, Brian Lenihan, as they discussed the state of their respective economies.

Mr Wilson sought assurances about his back yard, so to speak, and Mr Lenihan assured him that the Republic's banking turmoil would not harm the fragile economic recovery which the DUP man hopes is getting under way in Northern Ireland.

But while Mr Lenihan undoubtedly has the best of intentions in meeting Mr Wilson and reassuring him, Nama's impact here is being felt.

While the redevelopment of Hilden Mill was already slow to get off the ground, the fact that the Nama involvement of Hilden Developments, the firm behind the plan who have seen a loan of £45m go into Nama, won't speed things up. Hilden Brewery could be the only attraction in the area for some time to come.

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