Ruling due in Treasury's High Court challenge to NAMA

Ruling due in Treasury's High Court challenge to NAMA

A High Court ruling is due later in a challenge by Treasury Holdings against the National Assets Management Agency (NAMA) appointing receivers over some of its property portfolio.

Treasury claims the bad bank has been less than transparent in its dealings, but NAMA has said that the developer is past the point of rescue, describing the company as "significantly insolvent" with overall debts of €2.7bn.

Treasury has defaulted on its loans and the agency believes the appointment of receivers will lead to the best return for the State.

During the hearing, NAMA also raised concerns about a €20m share transfer approved by Treasury to owners Richard Barrett and Johnny Ronan just before their debts were transferred to the state agency.

Treasury claims NAMA's rejection of two offers to buy up the group's loans from NAMA is astonishing.

The group is trying to secure a full legal challenge to NAMA's decision to call in its loans and appoint receivers.

More on this topic

NAMA review finds it has made 'exceptional progress', will manage loan book beyond 2021NAMA review finds it has made 'exceptional progress', will manage loan book beyond 2021

Nama forced into €2m settlement with Revenue, correspondence revealsNama forced into €2m settlement with Revenue, correspondence reveals

'It is very frustrating to see it': Developers buy back Nama loans at discounts'It is very frustrating to see it': Developers buy back Nama loans at discounts

Taxpayers let down over historic assurances about NamaTaxpayers let down over historic assurances about Nama

More in this Section

60 years of policing cooperation with UK will ‘fall away’ after no-deal Brexit60 years of policing cooperation with UK will ‘fall away’ after no-deal Brexit

Stormont vacuum ‘a problem’ in fight against dissidents, PSNI chief warnsStormont vacuum ‘a problem’ in fight against dissidents, PSNI chief warns

Spike Island and Cliffs of Moher shortlisted for World's Best Attraction awardSpike Island and Cliffs of Moher shortlisted for World's Best Attraction award

All Together Now promoters 'truly sorry' for traffic chaos at festivalAll Together Now promoters 'truly sorry' for traffic chaos at festival


Lifestyle

Kylie Jenner’s best friend has teamed up with a global retailer on her first collection.Who is Anastasia Karanikolaou? The Instagram megastar who has just launched a fashion range

The trials and tribulations of bringing babies along for the ride.5 baby-friendly destinations for your first family holiday

Audrey's been sorting out Cork people for ages.Ask Audrey: 'There's a shortage of handsome, clean men, so I’m seeing a guy from Kanturk'

A beloved part of many an Irish childhood, the artist, author, and environmentalist Don Conroy tells Donal O’Keeffe why he loves his ‘abusive’ friend Dustin the Turkey, why big men hug him at festivals, and why he worries for Greta Thunberg.Art of the matter: Don Conroy on why he worries for Greta Thunberg

More From The Irish Examiner