Statement by NAMA Chairman in relation to Supreme Court decision

On behalf of the Board of the National Asset Management Agency (NAMA), I note the decision of the Supreme Court today in respect of the case taken against the Agency by the developer Paddy McKillen and his various companies.

The outcome of this hearing is obviously a disappointment especially as the High Court judgement found comprehensively in favour of NAMA. However, it is important to note that the decision relates specifically to the particular case as presented by Mr. McKillen and does not have implications for other acquisitions now completed by NAMA. It is also important to note that the Supreme Court has ruled firmly that NAMA did not breach State Aid rules.

We will study the ruling carefully over the coming days and reflect on the options ahead. It’s worth remembering that NAMA was established as an emergency response to an unprecedented threat to this country’s banking system and its wider economy. In that context, our purpose at all times has been and remains to work as efficiently and objectively and fairly as possible in order to deal with the onerous responsibilities that were entrusted to us.

I want to express our appreciation to the Attorney General, the CSSO (Chief State Solicitor’s Office), Department of Finance and our legal teams and the NAMA executives for the huge amount of work which they put into this hearing to defend NAMA and the Act.