Ahern: Developers face ‘excessive pain’

DEVELOPERS who still pay themselves lavish salaries despite owing billions to the state face “excessive pain”, a minister claimed last night.

Justice Minister Dermot Ahern said the controversial business arrangements whereby it is believed builders whose loans have been transferred to NAMA may take salaries of up to €200,000 a year and remain in their luxury homes could result in a good return for the taxpayer.

Mr Ahern insisted NAMA was taking a “pragmatic approach” in dealing with the 10 biggest developers, whose borrowings range from €1bn to €3bn.