Tuesday 12 December 2017

Ronald Quinlan: A relationship that started off sweet, but turned sour

Treasury Holdings claims it was lulled into a false sense of security over time by Nama, writes Ronald Quinlan

MS Justice Mary Finlay Geoghegan said she wouldn't take "umbrage" if people sat on the floor of Court 14 last Tuesday, such was the interest in the beginning of the hearing in which Treasury Holdings sought leave to bring a judicial review challenge to the decision by Nama to call in its loans last month.

Leaving aside the benches reserved for the powerful protagonists and the highly-paid legal teams representing them, the floor may have been the most appropriate place for members of the public to sit for all four days of the hearing.

For anyone who ventured into Ms Justice Finlay Geoghegan's court last week could well have found themselves floored by the details of the relationship between Treasury Holdings and Nama, and just how that relationship broke down in the period between June 12, 2009, and 4pm on January 25 last, the precise moment when the State's so-called 'bad bank' finally pulled the plug.

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