Wednesday 13 December 2017


APRIL 7, 2009

Finance Minister Brian Lenihan formally announces the establishment of the National Assets Management Agency.

MAY 2009

Mr Lenihan directs Michael Somers, then chief cxecutive of the National Treasury Management Agency (NTMA), to provide staffing for a team to carry out preparatory work in anticipation of NAMA. NTMA staffer, Brendan McDonagh, is named interim managing.

DECEMBER 11 and 14, 2009

An interim team is composed of Mr McDonagh, Sean O'Faolain (ex-NTMA, now NAMA's head of business services), Aideen O'Reilly (a solicitor, ex-senior legal adviser at the NTMA, now NAMA's head of legal and tax ) and John Mulcahy, formerly of real estate specialist Jones Lang La Salle. Mr Mulcahy was retained initially in June 2009 as interim head of portfolio management and is now permanently in that post.

DECEMBER 21, 2009

The NAMA Act comes into force.

DECEMBER 23, 2009

The new NAMA board meets for the first time and a list of tranche 1, 2 and 3 borrowers -- including Mr McKillen's -- was put before the board.

FEBRUARY 3, 2011

Following a High Court action and appeal by Mr McKillen, a seven-judge Supreme Court unanimously rules that the decision on December 11 and 14, 2009, by the interim team to take over the loans have no legal effect. The judges rule that the decision has no legal effect because it was taken before NAMA came into existence.

Irish Independent

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