The National Asset Management Agency (NAMA) has said that property developers are in denial about Ireland’s financial crisis and the constructions industry.
NAMA has said that a recent report from the Construction Industry Federation (CIF) is factually incorrect in many of its criticisms of NAMA and is not objective.
Frank Daly, NAMA’s chairman said “I've been struck in recent days at suggestions from some quarters that NAMA has compounded the problem of the banks by virtue of the amounts it was paying to acquire relevant loans…This EU decision confirms we have adopted a prudent, consistent and fair valuation policy."
NAMA said that the CIF would prefer is they helped developers to deal with their problem loans at the expense of the taxpayer and allowed them to siphon off profit from performing loans.