If ordinary Joe avails of any the new mechanisms, not just bankruptcy, their name and details will be automatically published on a register that will be accessible to the public.
And if rich Bill, NAMA client, takes advantage,their names will be published as well.
NAMA have only taken legal action to a fraction of 1% of its 850 clients.
1% of 850 is 9. NAMA is regularly in the papers for taking legal action. So they have taken far more than 9 cases. So a "fraction of 1%" is not correct.
If Ulster Bank does a deal with one of its customers and writes off part of that debt, they will not publish the name in the paper. It is the same for NAMA. They bought the debts from AIB, BoI etc. They should treat their customers in the same way.
It is also common for a NAMA client, who has cost the state millions to be given a salary
The debtor would be much cheaper and is much more likely to do a better job than an expensive Receiver. Of course they should be paid. Where NAMA is not getting cooperation, e.g. in the case of Treasury, they appoint a receiver.
In a democracy I see no reason why developers who are having debt written down at public expense should not have their names published.
These developers borrowed money in a confidential manner from AIB, BoI, Anglo etc. They did not ask for NAMA to take over their debts. In some cases they took High Court action to make sure that NAMA did not take over their debts. I have spoken to developers who have told me that they are so pleased that they banked with Ulster Bank and that they don't have to deal with NAMA.
Nama should be transparent
Why? NAMA is a business which is trying to maximise the return or minimise the cost to the taxpayer. It is operating in a very commercial and competitive world. If it shows its hand, you are giving the power to the other side.
nor do we know how many of them have long since transferred assets to their spouses/families etc. Or even done current transfers backdated and backed up by the latest craze of 'trusts' etc.
If they did it "long since" , there is very little that any lender can do about it. NAMA is aggressively pursuing people who have attempted to put assets beyond its reach. NAMA is trying to be practical. In some cases, it has no right to get money back, but I understand that it refuses to do deals with people unless they bring the money back.
The top guys in NAMA are very good. They are very tough. It's a huge business and I am sure that they have made mistakes. But overall, we have to trust them to do the best for us. We can't make their decisions subject to political purposes or public "it's a disgrace, Joe" type calls. Did you see the letter from the Chairman to Margaret Heffernan? They were very clear. "If you don't pay what you owe us, we will get a liquidator appointed to Dunnes Stores" She was livid, but she paid up.