Nama responds to 'Prime Time' criticisms

The National Asset Management Agency (Nama) has today defended itself against allegations and observations made in last night's 'Prime Time Investigates' programme on RTÉ.

The programme highlighted the practice of some developers of transferring assets to their spouses and family members, in order to protect the assets from the scope of Nama.

"Nama is acutely sensitive to the risk that developers have tried - or will try - to transfer assets from their own names to spouses or other family members in order to remove them from the scope of Nama," said a statement this morning.

"The agency is pursuing developers to bring such assets back. If they don't do it consensually within a specified time period, Nama will pursue them in court, (and the court will) ultimately decide.

"The agency has had considerable success in this regard and instances three cases where it has been agreed to reverse a combined total of €130m of such transfers.

"The RTÉ programme highlighted as a general issue instances where debtors may have transferred assets to spouses or other family members ...but Nama can confirm that in some instances where this was undertaken, it is not going to be effective to shelter them as the same persons who the assets are transferred to are also borrowers in their own names."

'Prime Time Investigates' also highlighted continued flamboyant spending by some developers, including the hiring of private helicopters for recreational activities.

"It should be pointed out that in many instances where lifestyle assets that are inappropriate in Nama's view in the current circumstances are involved, Nama can confirm that such assets are financed by banks not involved with Nama," said the statement.

"Finally, Nama can confirm that in the current year [2010], the Agency has approved foreclosure action against 22 borrowers."