Developers Push For Inclusion In NAMA Plan

The State's developers have called on the Government to include them in the current formulation of the National Assets Management Agency Plan.

The controversial NAMA plan, which will be used to take on toxic debts from banks, many of which belong to developers, is approaching the final stages before it is discussed and voted on in the Daíl this October.

Now, the managing director of one of Ireland's biggest property development companies has said the proposals by the Government to establish the Agency may not work unless property developers are included in efforts to find a solution to Ireland's toxic debt situation.

O'Flynn Construction managing director Michael O'Flynn said that while developers had to accept some responsibility for the serious mistakes that led to the property crash, they should not be excluded from the recovery.

Mr O'Flynn is among a small group of developers who have been representing the Construction Industry Federation (CIF) on the establishment of NAMA.

Last month, the CIF said they had "concern" with the role of the Agency. CIF spokesman Hubert Fitzpatrick, at the time said: "The proposed NAMA legislation must be capable of operating fairly, efficiently and effectively so that the current difficulties in the banking, construction and development sectors can be addressed and employment and tax revenues can be restored.”

But today, Mr O'Flynn has gone one step further saying developers should also be consulted directly by the Government.

Mr O'Flynn said he accepted serious mistakes were made, which caused the property crash in Ireland and developers must share part of the blame for that.

However, he insisted that it would be wrong to penalise developers by excluding them from the drafting of a solution to the current problems.

He also rejected charges that the establishment of NAMA by the Government amounted to a bail-out for developers.

(DW/KMcA)