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Quinlan's 'gift' cash out of NAMA's reach

THE National Assets Management Agency (NAMA) is powerless to claw back any money indebted investor Derek Quinlan is getting from the billionaire Barclay brothers to finance his lifestyle, the Irish Independent has learned.

Sources last night confirmed reports that the Barclays had been paying Mr Quinlan's living expenses, but insisted it was a "gift to a friend" and unrelated to Mr Quinlan's support of the brothers in a controversial London hotel deal.

Mr Quinlan had about €600m of loans transferred to NAMA, though some of these have been paid down following the sale of some of his assets.

NAMA now has a number of his properties under its direct control after installing receivers.

The toxic loans agency has insisted it has no role in financing Mr Quinlan's lifestyle, which reportedly includes a €4,000-a-week house in London, flash cars and expensive hotel meals.

Reports this weekend revealed that Mr Quinlan's living expenses were being covered by the Barclays -- who recently bought the debt covering Mr Quinlan's 35pc stake of the £1bn (€832,621) Maybourne hotel group.

A spokesman for the Barclays declined to reveal how much money was involved, or whether the expenses were paid directly by the brothers or whether cash was given to Mr Quinlan.

The Irish Independent understands that it would be virtually impossible for NAMA to claim back any of the support flowing from the Barclays to Mr Quinlan.

A spokesman for the toxic loans agency declined to comment.

Irish Independent