Property developers both consent to €300m Nama judgment orders

Property developers Raymond and Danny Grehan have consented to Nama securing judgment orders against them for more than €300m each.

The sums mainly relate to guarantees provided over multimillion-euro borrowings to their companies.

Nama's claims against the Kildare-based property developers mostly arose from guarantees over company loans, though some arise from personal borrowings.

The brothers were expected to fight today's application for multi-million summary judgment orders against them, but today senior counsel for Nama Paul Gallagher asked Mr Justice Peter Kelly to give the parties time to negotiate.

After half an hour of talks, they returned to court with the Grehans lawyers to say that despite concerns, they believed the better course was to consent to judgments against them.

Daniel Grehan's debts to Nama are in the region of €306m.

His brother Raymond, who paid more than €171m for a two-acre site in UCD in 2005, has to pay €311m.