Belfast Telegraph

No cut-price buybacks: Nama chief

The head of the state's bad bank has dismissed Taoiseach Enda Kenny's concerns that bailed-out developers are buying back sites and assets at knock-down prices.

Frank Daly, chairman of the National Asset Management Agency (Nama), said there are laws in place to prevent bust speculators from securing cut-price land and assets.

"It's not happening - that's the short answer," he insisted.

Mr Daly said Nama will list on its website all the available properties on its books in the next few weeks in an attempt to be more open.

"I can assure the Taoiseach and everybody else that Nama is absolutely determined that properties will not be sold back to defaulting debtors," he said.

Mr Daly said Nama is backed by very strong law which effectively bans the sale of properties back to speculators, developers and boom-time builders who have been unable to repay loans.

Under the Nama legislation there is a rule that buyers must declare that they are not connected to an indebted developer and that assurance is built into the contract of sale.

"Nama is absolutely determined to enforce that," he said.

"We have no indication that it has happened so far and we are absolutely determined that it won't happen in the future."

Mr Daly addressed the British Irish Parliamentary Assembly in Cork where he revealed that Nama has reviewed the business plans of 40 debtors with loans worth more than 32 billion euro.

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