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OVER A QUARTER of the debtors who are under the direct control of NAMA have transferred assets to family members or overseas in a bid to put them out of the agency’s reach, it has been revealed.
Figures published by the Department of Finance show that of the 188 debtors whose loans have been taken under NAMA control and who are now in direct engagement with NAMA, 48 have been identified as having transferred their assets.
In 31 cases, the figures say, NAMA had secured agreement to reverse the transfers – with debtors agreeing to undo transfers of assets worth some €160 million.
In another 17 cases, NAMA said it had identified asset transfers and that it was confident it could have the transfers reversed.
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In five cases NAMA has gone to court to reverse the transfers – though in only a third of the 48 cases were the transfers made to relatives within the last five years.
The figures relate only to the 188 debtors directly under NAMA management, and not include the 598 others whose debt is managed by Irish banks on behalf of the agency.
Separate figures show that half of the cash advanced by NAMA to developers – who together have been approved for loans of almost €1 billion to keep their businesses alive – has been given to developers for projects in Great Britain.
€980 million has so far been arranged for developers, with €740 million drawn down – and of that figure, 52 per cent relates to properties in Britain, with 39 per cent in the Republic of Ireland and 1 per cent in the North.
The details were provided by finance minister Michael Noonan in response to parliamentary questions from Pearse Doherty and Michael McGrath.
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The current Hungarian government is running an authoritarian regime, the issue isnt about sovereignty, its about democracy and human rights, they have made numerous recent laws eg. criminalizing homeless people, control of media etc..
@eoghandee: How do you criminalizing homeless people? What would they do stick them in jail, give them a warm bed and 3 meals a day?
Some media needs controlling. Irish Media for decades has always been the puppets of politicians. This sort of media is breaking down barriers and opening up the media for people.
I still think it is a good thing that some countries take a stance and say no the Europe a little more often.
I apologise if this sounds condescending, but I think if you read up on what the Hungarian govt has done in the last few months you’d be cheering for Europe here. The new constitution pretty much outlaws opposition parties, along with securing govt control of the press, judiciary and monetary system. The sort of stuff that Hitler might be proud of.
Ok, could someone explain to me what is wrong with the current Hungarian constitution? It`s quite interesting the EU didn`t have any problems with the previous one as it was written in 1947 when Hungary was ruled by cruel communists. Read it and then judge it if you`d like. Or you can follow the mainstream media and believe their lies. Here it is in English:
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