Pearse Doherty TD has said figures released to him show that 68% of debtors who have exited NAMA did so having paid off less than half their debts.
Deputy Doherty said new figures he received from the Minister for Finance show that nearly 70% of the 505 debtors who have exited NAMA have done so having had more than half their debt still owed.
These debtors originally owed €27.3bn although NAMA would not have paid significantly less than that price. Of that debt only €14.9bn has been recovered.
He said “NAMA’s mandate is to recoup as much money as possible from its debtors for the Irish people. Shockingly 51 debtors exited having paid 10% or less of their debts while 225 debtors paid off less than 30%.
“That is a far cry from the Brian Lenihan commitment that debtors would pursued ‘to the ends of the Earth’. The NAMA strategy, under direction from the Minister, to offload assets earlier than originally planned means that, in many cases, it has been the vulture funds that have benefitted from repayments from these debtors in a recovering property market.
“That strategy is now in question more than ever before. Sinn Féin is calling for a freezing of NAMA sales until a new policy is developed which will make sure the taxpayer receives the maximum value from what is left on NAMA’s book and which mandates NAMA to play a serious role in solving our housing problem.”
