Belfast Telegraph

Bust developers could be paid Nama 'incentives'

By Margaret Canning

Big developers that went bust in the crash could be given payments for co-operating with Nama, the Republic's bad bank.

More than 120 debtors working with the National Asset Management Agency were paid €10m (£7.8m) in salaries this year, with three earning €200,000 (£156,700). Now they could be in line to pocket even more.

But a spokesman for Nama said it was wrong to use the term "bonus" to describe payments.

"The outcome of the review of some debtors' business plans included possible incentivisation, which would only be triggered if they met very ambitious or 'stretch' financial targets which were set for them," he said. The agency, set up the cleanse the Irish banking system of toxic loans, sold the loans of Northern Ireland debtors earlier this year for an estimated £1.3bn.

But some assets in Northern Ireland, originally belonging to borrowers from the Republic, are still tied up in Nama.

Nama chief Brendan McDonagh said Nama was considering allowing bonuses to be paid to debtors, but he claimed few would benefit.

"That is something that is under consideration the whole time by Nama," he told a Dail committee.

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