NAMA: No borrowers 'too big to fail'

The Chairman of the National Asset Management Agency has warned struggling builders that no borrower in NAMA's perspective is too big to fail.

Addressing the Leinster Society of the Chartered Accountants of Ireland, Frank Daly said that some builders "will inevitably be closed down" by NAMA.

He also said that some of the builders engaged with NAMA have not yet abandoned the extravagent mindset of the property boom.

And he stated that many of the unfinished housing estates across the country will never be completed, and alternative uses will have to be found for them.