Judgment reserved on action to block NAMA move

THE Supreme Court has reserved judgment on the action by property investor Paddy McKillen aimed at preventing the National Assets Management Agency acquiring some €2.1 billion loans made to himself and his companies.

Mr McKillen has brought an appeal against a High Court decision clearing the way for NAMA to acquire loans of Mr McKillen and his companies with Bank of Ireland. The case has implications for the €2.1 billion loans held by the McKillen companies with the participating institutions in NAMA.

The agency has said it decided to acquire the €2.1 billion loan portfolio because it believed that extent of exposure to financial institutions participating in NAMA created a “systemic risk” to the institutions.