McKillen begins Supreme Court challenge to Nama ruling

Property investor Paddy McKillen’s challenge to Nama is underway before seven judges of the Supreme Court today.

He is attempting to stop the agency from acquiring €2.1bn of loans.

Mr McKillen’s appeal is thought to hinge on five legal points that will be explored over today and tomorrow.

So far Senior Counsel Michael Cush has told the court that Paddy McKillen’s loan portfolio is performing and could still generate equity of €200m for the businessman.

He is arguing that the High Court failed to consider that Nama’s interference could jeopardise the value of his assets impinging on his property rights and his right to earn a living.

Mr McKillen owns 63 properties including hotels and shopping centres and receives an income from mostly blue-chip tenants.

However the court has heard that only a fraction of his loans relate to land and development, and that he has been included in Nama because of the wide scope of the legislation.

The question Mr Cush is asking is whether that is proportionate in these circumstances.