NAMA not entitled to acquire €2.1bn McKillen loans, Supreme Court told

NAMA was not entitled to decide to acquire €2.1 billion loans of Paddy McKillen and his companies simply because it believed their size alone represented a “systemic risk” to the banks involved in NAMA, it was argued before the Supreme Court yesterday.

Had NAMA informed Mr McKillen it considered the size of the loan portfolio such a systemic risk, he could have taken steps to address that, Michael Cush, counsel for Mr McKillen, also said.

Mr McKillen had rejected an offer of €1bn for his hotel group in London as he didn’t believe it represented good value but he may have sold it had he been aware of NAMA’s intention, he said.