More than 23 developers still receive six-figure amounts from Nama – an annual bill of 2.3 million euros



[ad_1]


Stock
Stock
  • More than 23 developers still receive six-figure amounts from Nama – an annual bill of 2.3 million euros

    Independent.ie

    Nama continues to pay developers an average annual income of 100,000 euros, for a total annual cost of 2.3 million euros.

    https://www.independent.ie/irish-news/more-than-23-developers-still-getting-sixfigure-sums-from-nama-a-2-3m-annual-bill-37487368.html

    https://www.independent.ie/incoming/article37487873.ece/fdc55/AUTOCROP/h342/nama.jpg

  • E-mail

Nama continues to pay developers an average annual income of 100,000 euros, for a total annual cost of 2.3 million euros.

Some 23 developers still earn Nama's earnings, the biggest earns € 195,000 a year.

Three others receive an "allowance" of € 180,000 a year, according to figures released under the Freedom of Information Act by the portfolio management agency.

In total, the 23 developers – who manage sites on behalf of Nama – received an average of € 100,000 each.

Of these, 10 received a six-figure salary, one on € 133,000, two on € 120,000, another on € 110,000 and two developers having paid € 100,000 each.

The latest figures also show 13 developers benefiting from annual allocations of less than € 100,000.

Nama said the payment of compensation to "debtors" was part of his efforts to obtain the best possible financial returns from his loans.

The figures come just a day after the Irish Independent published a report on the extent of Nama's land that could be used to cope with the housing crisis.

The agency has enough land to build some 66,000 family homes.

A spokesman for Nama said: "[We have] always declared since 2010 that, where [Nama] is able to work with debtors, the arrangements with debtors are more cost-effective for the taxpayer than the solution of appointing external managers or receivers.

"It's also a more efficient approach because debtors are very familiar with the badets under their control."

In an information note accompanying the figures, Nama stated that she technically did not pay "salaries" to the developers because it was not their employer.

He indicated that in some cases, they allowed "debtors" to retain part of the income from their for-profit holdings to pay the overhead costs of "preserving and valuing the value of the badets securing its loans".

He explained that these overhead costs generally covered repair, maintenance and insurance costs, local authority rates and professional fees.

"These costs may include compensation for the remuneration of debtors and their staff to manage their badets," he added.

"This occurs in cases where the agency decides that it is the most cost-effective option in terms of maximizing returns for the state in accordance with Nama's statutory objective. . "

At its peak in 2014, the badet management agency was paying 11 million euros to 134 different developers, three of them having received more than 200,000 euros.

Nama's chief executive, Brendan McDonagh, defended the costs at stake at the time, saying it would be much more expensive to appoint receivers, who would then appoint an badet manager.

The agency also rejected some proposals, one of the developers seeking an annual salary of 1.5 million euros in 2010.

"Jets, yachts and Bentleys will not be supported by Nama," said agency president Frank Daly at the time.

Irish independent

[ad_2]
Source link