Sunday 21 January 2018

NAMA pursuing Grehan over house

Colm Kelpie

Colm Kelpie

NAMA is taking legal action against bankrupt developer Ray Grehan in a bid to get him to reverse the transfer of a property to his daughter.

The latest accounts for the toxic loans agency show High Court proceedings concerning a property in Carrick-on-Shannon, Co Leitrim, began against Mr Grehan and his daughter, Leanne, in the first three months of this year.

Mr Grehan owes NAMA more than €300m, but secured bankruptcy protection in the UK in December 2011.

Days before his bankruptcy, the English courts granted NAMA a worldwide "freezing order" that blocks Mr Grehan from selling any assets while legal action is being pursued against him.

Profit

The accounts also show that NAMA generated some €0.6bn in cash in the first three months of the year, bringing the total since the agency was established to €11.2bn as at the end of March.

NAMA also reported a profit for the quarter of €128m, compared with €133m in the first quarter of 2012.

The accounts state that the agency is on target to achieve its senior bond redemption target of €7.5bn by the end of the year, having redeemed €1.5bn on June 5. The value of NAMA's loan portfolio at the end of March was €22.3bn, down from €22.8bn at the end of December.

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