Belfast Telegraph

Nama can't claim investor's cash

By Laura Noonan

The National Assets Management Agency (Nama) is powerless to claw back any money indebted investor Derek Quinlan is getting from the billionaire Barclay brothers to finance his lifestyle.

Sources have confirmed reports that the Barclays had been paying Mr Quinlan's living expenses, but insisted it was a "gift to a friend" and unrelated to Mr Quinlan's support of the brothers in a controversial London hotel deal.

Mr Quinlan had about €600m (£500m) of loans transferred to Nama, though some of these have been paid down following the sale of some of his assets.

The toxic loans agency has insisted it has no role in financing Mr Quinlan's lifestyle, which reportedly includes a £3,300-a-week house in London, flash cars and expensive hotel meals.

Weekend reports revealed that Mr Quinlan's living expenses were being covered by the Barclays - who recently bought the debt covering Mr Quinlan's 35% stake of the £1bn Maybourne hotel group.

A spokesman for the Barclays declined to reveal how much money was involved, or whether the expenses were paid directly by the brothers or whether cash was given to Mr Quinlan.

Nama declined to comment.