Thursday, 6 October 2011
National Asset Management Agency
Thomas Byrne (Fianna Fail)
An international banker is examining NAMA and I urge the Minister to get him or her to consider this issue. Not only are these builders and developers in negative equity, they will be in positive equity if they exceed a certain point. The negative and positive is a mathematical impossibility but the Irish taxpayer will pay for it. The Minister is proposing that a developer will get a bonus of €500,000 after providing a very small amount more than what NAMA sets as the minimum target. I urge the Minister to look at this and change it if possible. I hope that NAMA has set out the rationale and evidence for this. NAMA has said that it is the best way to get money back for the taxpayer but it seems reprehensible to me and it is unsatisfactory to the ordinary taxpayer. Where is the evidence and analysis that shows this? I hope the Minister has such evidence because, otherwise, this has happened on the Minister's watch.