Taxpayer faces €7m bill over loans action

TAXPAYERS have been left with a €7 million legal bill after NAMA confirmed that it no longer wishes to acquire loans relating to Northern developer, Paddy McKillen worth almost €1.5 billion.

Lawyers for Mr McKillen said the developer received a letter from NAMA yesterday that effectively stated that NAMA had abandoned plans to acquire his loan portfolio.

It follows Mr McKillen’s successful Supreme Court challenge against NAMA’s attempts to acquire some €200m of his loans with Bank of Ireland in a ruling that represented an embarrassing setback for the agency.