EVERYONE keeps asking why Nama isn’t moving faster on the disposal of the vast property porfolio it controls.

After all, it has already spent €72 billion on distressed loans taken out by reckless developers and investors. So when can we expect some action?

Well, it seems there is a serious impasse between the borrowers and Nama’s senior execs.

Though developers have been queueing up with their business plans for approval, apparently they are not playing ball with Nama when it comes to their personal wealth and assets.

Nama has agreed to pay them a fixed fee for managing their properties over the coming years, on condition that they give up their aul helicopters, race horses, villas in the Med and even Range Rovers – not to mention the missus’s jewellery.

It seems the developers are having none of it, and are particularly angry that their personal guarantees to the banks remain on the books.

Several developers who have failed to have their business plans approved, will see their assets going on the market in the coming weeks and months. The word from inside Nama is that a tougher line will now be taken against developers who won’t play ball and who insist on being seen in and around Brown Thomas swinging carrier bags.

Nama chairman Frank Daly can expect a bit of stick if he doesn’t seem to be kicking ass on behalf of the taxpayers, who are being bled by the property industry and don’t want to see any more TV programmes reminding them of how the rich are different. There seems to be no way out for developers, who will have to shift some of their wealth and do the unthinkable – downsize.