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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.
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.
NAME and SHAME them!
nice idea but these people have no shame
Name them and jail them!
Now theres a much better idea!
Name and shame those who transferred assets.
This is a joke. 48 cases involved in transfer of properties into other names in the last 5 years. Basically trying to fraud NAMA so they wouldn’t touch their properties, of which these companies owe millions.
Almost €1B given to developers and companies to keep their businesses going. Eh free money.
This artical highlights the fact that the developers are being bailed out. And we all know the banks are being bailed out too.
Who is helping Joe Public? No one.
and don’t forget that NAMA is paying developers €200,000 a year in some instances………..
@Sheila I think its up to €300,000 ! but heys whats a few grand …..
a new proposal
http://www.unlocknama.org
What a mess.
If Irish legislation condones/permits this, then why the outcry?
Stop complaining and amend your laws…
the problem is michael that our political elite are up to their ears in this mess .
Never mind how many! Name these people and who they’re connected to politically.
mmmm an extremly good and tempting idea …
I’m going to see if I can transfer my PAYE salary overseas so that the revenue can’t tax it to pay off debts run up by these feckers.
Correct me if I’m wrong. But is there not legislation whereby if assets are transferred when a person is insolvent. (in debt to bank) That transfer of assets, whether property land etc can be reversed! Would this not be an option for the government to look at? (that is, if they really wanted too)
Sorry but why should Nama be arranging loans for these project’s in England.
So that the developments can be completed and sold at profit for NAMA and implicitly the state instead of remaining incomplete and depreciating.
Name all of them,Strip them of everything,and put them on job bridge
These are inky the instances that NAMA has uncovered. Does anyone doubt that much more remains unknown?
A couple of reformed developers have taken to the media in the past year or two to deny that such activities ever took place.
I’m not exactly surprised to note that these lies have now been officially debunked.
The headline seems to be at odds with the story. Yes assets have been transferred, but it is by no means clear from the article that they are out of reach.
As queried above, it is unlawful to transfer assets in order to defraud a creditor and such transfers can be reversed if possible, or the proceeds garnished as appropriate.
@Peter – Thanks for your comment; that’s a fair criticism – the intent was to illustrate the number of developers who had engaged in the practice, and not to focus on the fact that the assets were unattainable (when that’s clearly not the case).
Tweaked now – hope it meets with approval.
If we know that they’ve all done this, why are we not enacting legislation to criminalise it, void the transfers and, if necessary seize the assets? They should be treated like the assets of drug dealers and crime lords, and confiscated by CAB.
Nama is a dinosaur living off the fat of the land should never have been set up should now be wound up ASAP as for the developers they should have suffered the faith that befalls all failed companies we now have a totally distorted property sector with the tax payer bearing the burden and paying handsomely for it.
Name those 48 criminals that transferred their assets, NAMA should check the wives maiden names heard this is another favourite. I presume this is illegal which makes them criminals. NAMA should also publish the number of those who have fled the country that would be an interesting statistic if they know it.
have your say