Thursday 26 April 2018

Treasury challenge to NAMA to be heard next month

Tim Healy

THE CHALLENGE by Treasury Holdings to NAMA's decision calling in about €1bn of developer's loans will be heard at the Commercial Court next month.

The legal costs of the case are expected to amount to more than €1m.

Ms Justice Mary Finlay Geoghegan yesterday fixed July 3 for the hearing of the judicial review challenge by Treasury against NAMA.

KBC Bank, Irish Bank Resolution Corporation (formerly Anglo Irish Bank) and the two receivers appointed by NAMA over various Treasury properties here are notice parties to the case.

Treasury, which the court previously heard is insolvent, last April agreed to provide a sum of €600,000 and charges over four properties in favour of NAMA as security for the costs of the case, expected to amount to more than €1m.

Security for costs was sought in circumstances where the developer is insolvent with overall debt of some €2.7bn.

NAMA acquired some €1.7bn of its loans in 2010 and the loans called in by it in December 2011 amount to over €1bn.

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