Legal challenge to Nama 'has no credibility', says AG

Attorney General Paul Gallagher has today said that a legal challenge to Nama that no credibility should be placed on the statement of a US banking expert in the case.

Senior Counsel Gallagher has outlined the State's rejection of property developer Paddy McKillen's challenge to the state institution.

Among the list of financial experts who have made legal statements in support of Paddy McKillen is US banking consultant Joe Belanger.

Mr McKillen is challenging Nama's attempts to acquire €211m of his loans, claiming it would be a breach of his constitutional rights.

The Attorney General said Mr Belanger did not consider the fact that the banks on which Mr McKillen depended would not be in business without huge state support.

Mr Gallagher said if the banks had gone into liquidation the loans would have been sold off without consultation.

He said it was astounding that none of financial experts had addressed that issue.