DEUTSCHE BANK tried to purchase the €457m in personal loans raised by David Daly, the developer, from the National Asset Management Agency (Nama) before the agency appointed a receiver on Friday to his personal property portfolio.
Sources said that Nama would have made a profit, but that it felt the offer, understood to have been about €300m, undervalued the portfolio. Deutsche Bank and Nama declined to comment.
One source blamed the collapse of the deal on the expression of concern by Enda Kenny, the taoiseach, that Nama was selling property back to the original developers. This was denied by Nama. “The international norm is that the debt gets bought out and refinanced by the developer after a few years,” the source said.
Nama appointed a