Nama welcomes McKillen ruling


Nama has welcomed the Commercial Court ruling against property investor Paddy McKillen saying it highlights the “critical importance” of the agency’s work.

In a statement, Nama chairman Frank Daly said it had been a “very significant case” and that he would study the decision carefully over the coming days.

“However, it is clear that the decision highlights the critical importance of the work of the Agency for Ireland and the extraordinary circumstances which led to its establishment,” he said.

Mr McKillen had taken a legal challenge to stop the transfer of his bank loans to the agency. The Commercial Court ruled this morning Mr McKillen had not made a substantial issue in relation to constitutionality of the legislation establishing the agency.

Mr Daly said Nama would continue to focus on the task in hand “which is to complete the acquisition of eligible assets” from participating financial institutions with the objective of “maximising the return for the Irish taxpayer” from those debtors whose loans the agency has acquired.

He also extended his appreciation to the Attorney General Paul Gallagher, who represented the State in the case, the Chief State Solicitor’s Office and Nama executives for the “huge amount of work” they put into defending the agency and the Act on which it was established.