Oireachtas Joint and Select Committees
Wednesday, 24 October 2012
Joint Oireachtas Committee on Finance, Public Expenditure and Reform
Role and Functions of NAMA: Discussion
4:30 pm
Mr. Brendan McDonagh:
Absolutely in the some instances. There were situations where people were taking the rent and they were diverting it into different accounts but once we got through the business plan process with each of the debtors we made sure that the income that was coming off NAMA properties was going towards servicing NAMA loans as opposed to what I believe the Deputy is suggesting, going towards servicing a debtor's other loans in an institution. We set about the 80:20 principle of effectively targeting the big income first and getting that back and then working on the small amounts after that.
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