McKillen considers appeal after court dismisses NAMA challenge

PROPERTY developer Paddy McKillen has lost his legal challenge over the transfer of loans to the National Asset Management Agency (NAMA), and has until Friday to indicate whether he will appeal the decision to the Supreme Court.

Mr McKillen, whose property portfolio includes Dublin’s Jervis Shopping Centre and the Treasury Building, which ironically houses NAMA, has loans worth €2.1 billion transferring to the asset recovery agency, all of which he has claimed are performing (or not at risk of defaulting). The kernel of his legal challenge to the Commercial Court, last month, was €211m-€297m worth of those loans transferring from Bank of Ireland to NAMA.

The developer had argued that NAMA was ignoring certain considerations relating to him – including that the loans were performing and largely based outside of Ireland – and that the move represented a breach to his constitutional rights. The transfer of his loan portfolio to NAMA would, the Belfast-born businessman claimed, cause irreparable damage to his business empire.