NAMA reverses 31 asset transfers by debtors

Updated: 23:26, Wednesday, 22 February 2012

NAMA has reversed 31 of 50 asset transfers by its largest debtors, with the highest single transfer reversed worth €30m.

1 of 1Transfers of €160m worth of assets by 31 debtors have now been reversed
Transfers of €160m worth of assets by 31 debtors have now been reversed

It has been confirmed that 50 of the National Asset Management Agency's largest debtors transferred assets to family members or connected parties.

31 of these transfers, of assets worth €160m, have been reversed and the agency is pursing 22 others, some through the courts.

The highest single transfer reversed was worth €30m.

In another 17 cases, NAMA is confident of reversing asset transfers or getting additional securities. And in five other cases, NAMA has begun legal action.

The Agency says it is satisfied that 32 other debtors had not transferred any assets in the past five years

It is also investigating more than 100 other large debtors in relation to the transfer of assets.

These latest figures provide further detail on the figure of €160m worth of transferred assets, mentioned by NAMA Chairman Frank Daly earlier this month, which he said the agency had succeeded in reversing.

The information was obtained through a parliamentary question from Fianna Fáil Finance spokesperson Michael McGrath.

Mr McGrath said NAMA should do everything in its power to pursue debtors who have transferred assets to third parties.

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