Deutsche Bank eyes up Daly's €457m loans in NAMA
Published 14/07/2011 | 05:00
A GERMAN bank has expressed an interest in buying the €457m in loans of developer David Daly and his children, which have been called in by NAMA, the Commercial Court heard yesterday.
Deutsche Bank is interested in the loans, which were originally provided by AIB.
Moving the loans to this bank would be "hugely" in the interest of the Dalys, who, despite having initiated the talks with Deutsche Bank, were being excluded from the current negotiations by NAMA, said Michael Cush SC, for the family.
The Dalys understood that Deutsche Bank had offered "hundreds of millions" for the loans, even since NAMA appointed receivers over some of the properties, he said.
The family were very concerned that NAMA may move to dispose of "trophy" assets held by them in London, including the Louis Vuitton building on Bond Street, counsel added.
Mr Cush was opening an application, due to last four days, before Mr Justice Michael Peart by Mr Daly, his daughter Joanne and son Paul, aimed at securing injunctions restraining the appointment by NAMA of receivers over their properties.
The injunctions are sought pending the outcome of a possible full action challenging NAMA's calling in of the AIB loans last month.
The proceedings are against a NAMA company, the receivers, NAMA itself, AIB and the State. NAMA contends that almost all the loans are on-demand facilities but the Dalys dispute that.