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McKillen steps up repayments on loans

Belfast-born investor Paddy McKillen has increased repayments on his multi-billion euro loans in a bid to keep the debts away from the National Asset Management Agency (Nama).

Mr McKillen is believed to be making extra capital repayments on the loans, which totalled some €2.1bn (£1.8bn) earlier in the year.

The owner of Dublin's Jervis Centre is hoping that a reduction in his debts will make it easier for him to make a case for keeping loans outside Nama.

The news comes three weeks after the court ruled that Nama would have to give "a fair hearing" if the loans agency proposes to takeover the debts.

Mr McKillen has been vigorously opposing the transfer of his loans to Nama and took a landmark case against the move earlier this year.

Nama is expected to ask Mr McKillen to make representations to the agency over the summer.

Mr McKillen hopes that if he can demonstrate significant repayments on his loans, the loans will no longer be treated as a "systemic" threat to the Irish banking system.

In a statement issued after the court ruling, Mr McKillen stressed that his business was "robust with quality assets" and that all its loans were "fully performing".


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