Developer McKillen wins challenge against NAMA

Developer Paddy McKillen has won his Supreme Court challenge to NAMA.

He was trying to stop the transfer of more than €2bn in loans to the agency.

The seven judges of the Court have unanimously ruled that a decision in December 2009 to acquire the developer's loans was 'invalid', and has no legal effect.

His lawyers had said he should not fall under the remit of NAMA as most of his loans were performing and only a small percentage related to land and development.

The man behind the Jervis Shopping Centre in Dublin, argued his portfolio was performing 'excellently' and shouldn't be acquired by NAMA.

Mr McKillen had challenged the High Court's decision to dismiss his challenge to NAMA on all grounds.

The State fought the case saying it was a real threat to the work of the Agency.