Nama free to transfer loans without restriction

The National Asset Management Agency is free to transfer loans without restriction, according to the English Court of Appeal ruling on the transfer of the Maybourne Hotel Group to the Barclay Brothers.

Judge David Neuberger said in a ruling yesterday that the transfer of the debt by Nama to a holding company controlled by the Barclay brothers’ company, Maybourne Finance, last year was within Nama’s remit.

Paddy McKillen was challenging Nama’s transfer of one of his companies’ (Coroin) debts to the Barclay brothers. Coroin is a parent company of the Maybourne Hotels affiliate, which owns the Berkeley, Claridge’s and Connaught hotels. Mr McKillen holds 36% of the hotel company.