Report: NAMA enters debt forgiveness talks with developers

It has been reported that NAMA is entering debt forgiveness talks with a number of property developers.

The Sunday Times has reported that around €37.5bn worth of loans given by banks to these developers will never be recovered.

This means the developers will escape from up to 60% of their liabilities.

In order to qualify, the developers will have to co-operate fully with the agency.

Karl Deeter of Irish Mortgage Brokers has said the taxpayer is being hit with a huge bill.