Nama has won 89 out of 90 legal cases since 2009
Agency successful in 60 cases it initiated
Nama has succeeded in 14 of the 15 completed cases that have been taken against the State agency. In a case involving property developer Paddy McKillen, Nama was “partially unsuccessful”.
The National Asset Management Agency has been successful in 89 of the 90 completed legal cases in which it has been involved since it was set up in December 2009.
In response to questions from The Irish Times, Nama confirmed yesterday it has succeeded in the 60 legal cases that it has initiated to date and that have been completed.
In addition, Nama has succeeded in 14 of the 15 completed cases that have been taken against the State agency. In a case involving property developer Paddy McKillen, Nama was “partially unsuccessful”.
In total, 31 actions have been initiated against Nama, with 16 still active.
Nama has instigated 117 sets of legal proceedings. Of that number, 60 are complete, with 57 going through the courts.
Nama has also been involved in 26 appeal cases. It has been successful in all 13 completed cases while the remaining “post-judgment” actions are ongoing.
To date, Nama has also inherited 16 cases relating to Irish Bank Resolution Corporation, which is now in liquidation. It has been successful in both of the cases that have been completed thus far. These are actions relating to debtors that were being managed by IBRC on behalf of Nama and related to loans that had transferred to the State agency either from the former Anglo Irish Bank or Irish Nationwide.
Since inception, Nama has incurred €18 million in fees paid to a panel of law firms and for legal counsel. It is not clear how much of this has been recouped, as payment of costs by the other side often involves a long time lag and requires assessments by the taxing master.
Nama has also incurred €14 million in fees relating to legal due diligence connected to acquiring its loan portfolio from financial institutions. The majority of this money was recovered through a cut in the consideration paid for the loans.
In addition, Nama has incurred €36 million in “borrower-recoverable costs”. These are legal fees that Nama has incurred on behalf of borrowers. They are recoverable from the borrowers as per the provisions of their loan contract security documentation.
Nama paid €32 billion to acquire loan assets with a face value of €74 billion. This involved 850 debtors, and more than 11,000 individual loans.