Wednesday 21 February 2018

Ruling later in Treasury/NAMA case

Tim Healy

A JUDGE hopes to give her decision later this month on the challenge by troubled developer Treasury Holdings to the NAMA decision calling in more than €1bn of its loans and appointing receivers over its properties here.

A seven-day High Court hearing concluded yesterday before Ms Justice Mary Finlay Geoghegan, who reserved her decision.

Treasury, which is insolvent with total debt of more than €2.7bn, has argued the decision calling in its loans was made without notice to it and without giving it a proper opportunity to be heard.

NAMA denied those and other claims and also contended it could not be expected to engage in "endless debate" with Treasury before calling in the €1bn loans when Treasury was unable to continue trading without money from NAMA.

Treasury Holdings and 22 related companies secured leave earlier this year to bring the proceedings challenging NAMA's December 2011 decision calling in the loans and a January 2011 decision appointing receivers.

NAMA has also issued demands for repayment of €3m each to John Ronan and Richard Barrett.

Irish Independent

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