Belfast Telegraph

Friday 9 October 2015

Nama set to repay £1.6bn

Published 28/06/2012

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."

From the web

Sponsored Videos

Your Comments

COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting?

Read More

From Belfast Telegraph