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A TOTAL OF 77 former property players in debt to the National Asset Management Agency have been declared bankrupt since the toxic loans agency was set up.
Finance Minister Michael Noonan said that the vast majority of the debtors that have gone down the bankruptcy route have done so in Britain and Northern Ireland, where 63 cases have been processed.
Two have been made bankrupt in the United States, with the remaining 12 going through the process in Ireland.
Just 44 debtors have managed to exit the process, all in Britain and Northern Ireland.
In a reply to Wicklow-East Carlow Independent TD Stephen Donnelly, Minister Noonan said that he is not currently aware of any debtors that have exited bankruptcy in Ireland or the US.
In a review of Nama’s operations by the Department of Finance published earlier this week, the Government flagged ‘debtor fatigue’ as a risk to Nama achieving its objectives.
“After a number of years working with Nama, debtors are seeking certainty regarding recourse and their ultimate exit from Nama.”
The longer the debtor resolution process extends, the more a debtor may feel that insolvency or bankruptcy may be a viable alternative to end their relationship with Nama more quickly.
Nama said that it is looking at ways to combat ‘debtor fatigue’, which it says could limit the amount it is ultimately able to recover from tranches of loans it has taken command of.
In response to a separate parliamentary question from Fianna Fail finance spokesman Michael McGrath, Noonan said that the bad bank has granted rate reductions to debtors and receivers with an annual value of €19 million.
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Never happen hear. Have to be pried out with a crow bar.
@Dáithí Ó Raghallaigh: here.
@Stephen Harding: Besides the spelling do you agree with him or not?
I’d agree with him BTW a politician taking responsibility for their actions is unheard of in this country……
@Dáithí Ó Raghallaigh: More likely 20 gold bars.
And yet he still did not say sorry ….. perceived is not sorry. Disgusting this happened and I hope there is a criminal investigation to see how these people were killed. From the company making the product to everyone who thought money and not people were more important to be saved.
It might be an idea to replace this chap by someone with a single surname.
@Mick Tobin: and not a gailge one…
@Mick Tobin: Yes, you can imagine how his double barrelled surname, plummy voice and that infuriating “cut-off from reality” aloofness must really antagonise people. His thinly disguised contempt for the survivors is nauseating.
“Perceived” failures.
Says it all.
@Brendan McLaughlin: glad it wasn’t just me that picked that up. I lived in Kensington as I’ve said in other posts and there was always an arrogance in the ‘Vicar of Dibley’ council there. Yes he resigned (eventually) but only after last night’s farcical ‘public meeting’ where he tried to exclude the public and media from the public’s council meeting. That was overturned by a High Court Order but by then yet another dreadful act of disregard for the deceased, injured and lifelong suffering ahead for so many.
Here in Urekabd of course, the Government would profess endless confidence in the same circumstances a-la Garda Commissioner & nobody would even think of resigning. God no.
@Gerry Carroll: You Sir are talking nothing but, the greatest load of sense.
have your say