Court to hear Treasury's NAMA challenge
Treasury Holdings' challenge to NAMA's decision to call in about €1bn worth of loans is due to go to hearing today.
Treasury Holdings is challenging the agency's move decision to call in loans last December and its subsequent decision to appoint receivers over property assets when the debts were not repaid.
The case is listed for eight days at the Commercial Court despite recent calls from Treasury to go into mediation with the assets agency.
Legal costs at the end of the hearing are expected to be around €1m.
The case will be heard by Ms Justice Mary Finlay Geoghegan who ruled in March at the end of a preliminary hearing that Treasury had raised substantial issues to be determined.
What will be debated is whether Nama breached a duty to notify Treasury of its decision to call in the loans and whether it gave the group an opportunity to be heard before the call was made.
