Kenny cautions against property ‘over-regulation’

FINE GAEL leader Enda Kenny has cautioned against an over-regulation of the property sector following stern comments from the head of NAMA over the reigning in of debt-ridden developers.

Mr Kenny said a hard-handed approach to developers whose debts have been taken over by the toxic loans agency could bring the construction sector to a complete halt.

Excessive demands on developers could frustrate efforts to keep jobs in the sector, he said, giving an example of one developer who had to give over 2,500 pages in documents to NAMA officials. The surprise remarks by the opposition leader came after NAMA’s chief executive Brendan McDonagh told an Oireachtas committee earlier this week that the agency would go after developers “tooth and nail” for debts. The NAMA chief said no effort would be spared recouping debts after the agency began taking over an initial €16 billion in bad loans from five financial institutions last month.