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Junior Minister Fergus O'Dowd Sasko Lazarov/Photocall Ireland

O'Dowd says he is 'not on the side of developers'

Junior Minister O’Dowd said that he is on the side of “what is the best to get the best return for our assets”.

JUNIOR MINISTER FERGUS O’Dowd is not on the side of the developers – he is on the site of the economy, he said today.

O’Dowd made the comments on Newstalk this morning when asked about a report in today’s Sunday Independent that 66 developers are earning up to €200,000 a year for cooperating with Nama.

O’Dowd said it was “very important” that the story is out there, noting that Nama doesn’t pay the developers the money but allows them to take it out of the accounts they have while they manage the assets.

“The assets have to be managed within the best interests of the taxpayer and the State,” he said.

The alternative to certain developers, and not all of them, I think it’s only developers who are fully and absolutely compliant, is to put in receivers who would be far more expensive, their costs would be higher.

O’Dowd added that it is good if Nama is satisfied that they have transparency and accountability from the developers concerned, and this is the most efficient way to do it.

Acknowledging that the Celtic tiger “has brought us to this abyss in terms of our national finances”, O’Dowd said “the system collapsed because it was run on a boom that could never be sustained”.

He added that Nama is “doing an excellent job in very difficult circumstances” but said he is not on the side of the developers.

“I am on the side of the economy,” he said. “I am on the side of what is the best way to get the best return for our assets.”

I have personally brought developers to the High Court and made them do certain things out of my own pocket, so I’ve no issue about the credibility of what developers did or didn’t do.

Read: NAMA says it will give 2,000 homes for social housing. So far: there’s just 58>

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26 Comments
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    Mute John
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    Aug 28th 2015, 3:56 PM

    I bought a ticket in the last General Election for a Better Ireland, turns out it was a fake too.

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    Mute Garwig
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    Aug 28th 2015, 4:02 PM

    Brilliant , Me too turns out they didn’t even sign the contract either.

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    Mute Mr N
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    Aug 28th 2015, 3:55 PM

    Ticketmaster aren’t exactly innocent in this, with their ticket reselling companies.

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    Mute John S
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    Aug 28th 2015, 6:44 PM

    Well if somebody buys a ticket to Electric Picnic 2014, more the fool he….

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    Mute funkybuscuits
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    Aug 28th 2015, 4:17 PM

    this is just propaganda to make sure you buy tickets from ticketmaster! I have 2 spare ones for electric picnic anyway if anyone’s looking. legit as fcuk

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    Mute Mark Noonan
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    Aug 28th 2015, 4:37 PM

    Are they more legit than your user name?

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    Mute funkybuscuits
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    Aug 28th 2015, 4:59 PM

    slightly funkier

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    Mute RMcG
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    Aug 28th 2015, 4:45 PM

    My rugby world cup tickets were stolen, I moved address & the mail redirect didn’t work, someone signed for them with an illegible squiggle, RWC have cancelled the barcodes on the tickets and the tickets are now void. I just hope some unsuspecting person doesn’t buy them from whoever stole them. Whenever you buy tickets from someone without a licence to sell them you are talking a huge risk.

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    Mute RMcG
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    Aug 28th 2015, 4:46 PM

    *taking not talking obviously :)

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    Mute Fiona K
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    Aug 28th 2015, 6:25 PM

    Ticketmaster used to advise to do your ticket exchange at a Ticketmaster outlet and they would verify the authenticity of the tickets for you. Are they no longer offering that service? Also stop posting pictures of your tickets to social media as the barcodes can then be copied!

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    Mute Michael cunnane
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    Aug 28th 2015, 5:05 PM

    I’m looking forward to this year’s eccentric picnic..uh oh :-o

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    Mute John Joe
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    Aug 28th 2015, 4:03 PM

    I used to buy the tickets and give the touters the money when I got into the event, not much that can go wrong

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    Mute Mr N
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    Aug 28th 2015, 4:31 PM

    From your point of view no, but what if you don’t pay them?

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    Mute Ray Farrelly
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    Aug 28th 2015, 4:58 PM

    Well you won’t be getting a counterfeit beating.

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    Mute Paul Cooper
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    Aug 30th 2015, 4:51 AM

    Beware of fake acts

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    Mute Joe Haverty
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    Aug 29th 2015, 5:46 AM

    Gas, sure they’re in control of security features on their tickets, perhaps improve them!

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