NAMA executives defend work of agency

NAMA executives defend work of agency
NAMA Chairman Frank Daly

The National Asset Management Agency (NAMA) has injected some €506m into the Irish economy and is supporting 9,500 jobs in its debtor companies, senior agency executives said today.

Appearing before the Oireachtas Joint Committee on Finance, Public Expenditure and Reform this afternoon, NAMA Chairman Frank Daly was critical of what he called "negative reporting" about the agency and its business.

Mr Daly said recent "high profile" reports suggesting NAMA was putting jobs at risk through delays in its decision-making were inaccurate.

And he insisted that NAMA deals with many smaller debtors around the country, who do not make the headlines, and said those dealings support 9,500 jobs.

Mr Daly added that the majority of debtors were working constructively with the agency.

The agency's Chief Executive Brendan McDonagh meanwhile told the Committee that NAMA has approved the injection of €506m into the Irish economy through working and development capital advances to debtors.

These advances represent a significant injection of capital into the construction sector and wider economy, Mr McDonagh said.

He also revealed that NAMA is currently generating 80% of its cashflow from Britain, reflecting the more favourable liquidity environment in the British market and the location and quality of assets linked to NAMA loans there.

The value of property assets underlying NAMA’s Irish loans is approximately €18bn, Mr McDonagh added, of which approximately €11bn is located in Dublin and surrounding counties.

The Committee was also told that the agency is pursuing a number of its largest debtors to reverse transfers of assets to family members and connected parties.

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