NAMA legal challenge a threat to market confidence

THE confidence of foreign markets in the Irish economy could be under threat from a legal case to be heard before the Commercial Court in October.

A High Court judge has given the go-ahead for hearing of the case, in which developer Paddy McKillen and several of his companies are challenging the National Assets Management Agency (NAMA)’s entitlement to take over loans of €80 million with Bank of Ireland.

His legal team claimed these loans are fully performing and their transfer to NAMA would have drastic and significantly detrimental effects on the business and property rights of the businessman and the 15 companies.