Tuesday 16 January 2018

Treasury's challenge to calling in €1bn loan gets date

Tim Healy and Donal O'Donovan

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

Treasury Holdings has been given leave to take a "judicial review" case against NAMA that will consider whether the agency acted fairly when it called in the loans, and appointed receivers to properties worth hundreds of millions of euro.

It's one of a number of inter-linked legal actions being taken by each side.

The legal costs for the judicial review case alone are expected to amount to more than €1m. Ms Justice Mary Finlay Geoghegan yesterday fixed July 3 for the hearing of the judicial review. The challenge has been taken 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.

Yesterday Justice Mary Finlay Geoghegan said that half the legal bill for Treasury's original case should be paid by NAMA and KBC if Treasury wins the judicial review because NAMA and KBC opposed that application and lost.

Irish Independent

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