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Sean Dunne consents to €185m payment to NAMA

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DEVELOPER Sean Dunne has consented to a High Court order directing him to pay €185.3m to the National Asset Management Agency (NAMA), the body designed to purge the banks of development loans.

The order was made by Justice Peter Kelly in the commercial arm of the court with the total amount made up of nine separate transactions including loans as well as personal guarantees made by Mr Dunne.

NAMA acquired the loans in 2010, called them in during the middle of 2011 and served notice on the proceedings in December.

The judge also granted NAMA the liberty of applying to enforce the judgement, if necessary.

Mr Dunne was not in court for the hearing but gave written consent through his lawyers.

The nine separate facilities in question were made by Irish Nationwide, Allied Irish Banks and Bank of Ireland and dated from 2005 onwards either to Mr Dunne personally or various companies.

Mr Dunne had provided guarantees related to a variety of Mountbrook firms, the Riverside 4 Development and DCD Builders.