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THE HIGH COURT has rejected a challenge by Treasury Holdings against the National Asset Management Agency’s appointment of receivers to some of its assets and companies.
Justice Mary Finlay Geoghegan this morning rejected Treasury’s challenge, four months after the same judge granted the company – one of Ireland’s largest property developers – leave to appeal NAMA’s moves.
NAMA had decided to appoint receivers to companies, properties and debts controlled by Treasury on January 25 of this year.
In her ruling, Justice Finlay Geoghegan observed that NAMA and Treasury had entered into a two-week “standstill” agreement on January 11, during which time the two sides were to discuss NAMA’s plans to pursue enforcement action against Treasury’s debts.
The Court found that NAMA had entered into the ‘standstill’ agreement on the basis “that Treasury would not object to the appointment of receivers” if the 14 days of discussions ended without an agreement between the two sides.
It found, however, that Treasury had not been given an opportunity to be heard, and heard by NAMA, prior to its decision to pursue enforcement action against Treasury – a decision taken in December.
This was a breach of NAMA’s duty “to act fairly and reasonably in taking the action to enforce”, it found.
This afternoon Treasury said it would mount an appeal to the High Court’s decision.
“There were three bids from overseas investors for our loans before NAMA set about appointing receivers,” it said in a statement this lunchtime.
We understand that a new potential bidder, a major prestigious international entity, has been in touch with NAMA in recent times and is preparing a bid for the loan portfolio.We believe a third party negotiator should now be appointed to secure the best bid for the Treasury Holdings loans.
In a brief statement of its own NAMA said it welcomed the decision and that it would “continue to work with the NAMA-appointed receivers in this case to maximise the return to the taxpayer”.
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Athens enters the financial markets with a bang.!
About time.
Fair play… Should have been done here too seeing as protesting is absolutely useless.
So you think bomb’s should be set of in our streets? Idiot…we had enough of that carry on for 30 years on this Island.
In Northern Ireland you mean. The rest of the island didnt suffer any in comparison to up here.
Jamesy, I think you’ll find that Northern Ireland is on this island (nobody mentioned whose island it is). Or do you think that Northern Ireland is a separate island? Do we need to take a ferry to cross over to Northern Ireland? And, as far as I know, one person’s experience of a bomb exploding in Monaghan or Dublin is the same as another person’s experience of a bomb exploding in Omagh or Belfast – i.e. abject horror and psychological trauma at the very least. Or do you place a lesser value on casualties down south compared to those up north?
What sort of a cowardly animal would place a bomb in a car?
Bombing out the banks
And not even one banker dead.. what a waste of a good bomb!!!!!!
Can these lads not see this helps nothing ! Far from the empire they once were
When was the Greek state an empire?
Approximately 2,500 – 3,000 years ago when they had colonies stretching from Gibraltar to the Caspian Sea. There are still Greek speakers living today in Georgia, Ukraine, Turkey and Italy, albeit in dialects that are not mutually intelligible with modern Greek as spoken in Greece proper. The cities of Marseilles, Sevastopol, Trabzon, etc. were founded by the Greeks. Also, approximately 2,300 years ago we had Alexander the Great who built an empire that stretched from the Adriatic to Pakistan in which a multitude of cities were built in his name, such as Alexandria in Egypt, Alexandria in Afghanistan, Alexandria in Pakistan, and Iskanderiya in Iraq.
The Greek nation is less than 200 years old.
Jeremy, I think you’re confusing the word “nation” with the word “state”. The Greek nation has been in existence for thousands of years, sometimes under petty kingdom rule (Sparta, Athens, Macedonia, etc.), sometimes under the rule of foreign powers (Rome, Ottomans, etc.) and at other times as a unified independent state (Kingdom of Greece, Hellenic Republic, etc.). Greece’s current independence is less than 200 years old, but the nation is far older. You’re actually quite typical of a lot of Irish people when it comes to terminology – you use words in the wrong context and mix meanings up. Tell me this: without consulting a dictionary, can you tell me the difference between “ethnicity”, “race”, “nationality”, “citizenship”, “aboriginal”, “indigenous”?
By the way, just in case I’m misconstrued, that “You’re actually quite typical of a lot of Irish people” comment was not meant as an insult. I apologise if it came across the wrong way.
There are quite a few sick people commenting here which is understandable when you consider the number of Shinners who are attracted to the Journal.
Streamlining its bloated public sector. Why didn’t we do that?
We did.
The cost of governing was reduced including a reduction of 30,000 in staff numbers.
The majority of those 30,000 were temporary contracts that weren’t renewed, natural attrition, and people retiring early.
Correct Pierce. Nobody who was permanent was let go as the job for life still exists. I can only speak for county council staff but a few need firing as some are useless. They know they can get away with doing the minimum. These people will never stretch themselves or go out of their way to help. A lot of council workers become unemployable after being with the council any length of time.
When they wore awesome togas I can assume Jeremy :)
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