Nama secures judgment orders

in the first court application of its type, has secured multi-million summary judgment orders against three businessmen over unpaid loans to their companies by Bank of Ireland.

The unpaid loans to Patrick Shovlin and hoteliers Patrick and Anthony Fitzpatrick included a €280 million loan to a company for the Beacon South Quarter development in Sandyford (better known by local residents as Namaland).

Mr Justice Peter Kelly queried why the bank had agreed to limit the businessmen's liability under guarantee for that amount to about 5 per cent of the sum due.

Article Published: 21/10/2010