NAMA cracks down on defaulting borrowers

THE National Asset Management Agency (NAMA) has started a crackdown on defaulting borrowers and is taking enforcement proceedings against 12 people not cooperating on the repayment of their loans.

This was revealed by NAMA chief executive Brendan McDonagh, who warned that if borrowers are incapable, or unwilling, to pay, NAMA would move quickly with enforcement action.

Mr McDonagh also said he expects the agency’s first €500 million worth of assets to be sold at the discounted transfer price or in some cases “considerably higher”.