McKillen unable to pay certain loans, says AG

THE Attorney General has told the High Court property investor Paddy McKillen has total loan exposure of €2.1 billion to participating institutions in the National Assets Management Agency and has admitted he is unable to repay certain loans which have expired.

It was “an inescapable fact” those loans were impaired and non-performing, AG Paul Gallagher said.

Mr McKillen has not given a date when he can pay the €2.1bn and one did not need to be an expert to see the risk involved, Mr Gallagher said. NAMA could not be held up because Mr McKillen wanted a “reasonable” time to try and secure refinancing which he had so far failed to obtain.