Why did NAMA sell the loans?
NAMA says it was always going to sell the €800m loans, even though they were being repaid.
All banks, including NAMA, attach terms to loans they give to all customers that give them the right to sell them on. It can also demand immediate repayment if the borrowers get into trouble.
It claims to have sold the loans at a profit to the Barclay brothers and that it was a good deal for the taxpayer.
Mr McKillen's problem is that NAMA sold the loans to a company set up and owned by the Barclay brothers who are trying to take control of the hotels, rather than to another bank. This is unusual and is the first time NAMA has done this type of deal.
This means that the Barclays now control all of the hotel group's loans and can dictate the terms on which they are refinanced in the future.
In doing this they could force Mr McKillen out of the company.