Belfast Telegraph

Wednesday 17 September 2014

Nama set to repay £1.6bn

Nama has said it has redeemed a further €2bn (£1.6bn) of senior bonds, bringing it almost halfway to meeting a repayment target set under the country's EU/IMF/ECB bailout.

The fourth and largest redemption by Ireland's 'bad bank' means it has reduced its indebtedness by over €3.5bn (£2.6bn).

Separately, Nama said a preliminary judgment given in its favour by the Court of Appeal in England, in relation to a claim brought against it by property developer Paddy McKillen, meant a transaction which led to a "very substantial financial recovery" for it would be upheld. McKillen had challenged the validity of Nama's transfer last year of debts, run up by a consortium he was part of, to billionaire private investors David and Frederick Barclays.

Nama said that in light of Court of Appeal's judgment, the decision in that trial cannot now affect it.

In a statement, a spokesperson for Mr McKillen said: "The judgment is a small part of the main unfair prejudice and conspiracy proceedings in the High Court [in relation to which, judgment has not yet been given] and does not lead to the automatic strike out of any other aspects of Mr McKillen's claims. Mr McKillen is reviewing today's judgment and has sought leave to appeal."

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