€3.5bn loans are worthless as security was defective

Roughly €3.5bn of development loans were acquired by Nama for a nominal amount because the legal security backing the loans was defective, according to Minister for Finance Michael Noonan.

The figures emerged through a parliamentary question asked by Reform Alliance TD Lucinda Creighton.

“Nama paying €0 for over €3.5bn in original lending is another staggering revelation of the depths of negligence and ineptitude that plagued our Irish Banking system,” said Ms Creighton.