Bloomberg News

Ireland’s NAMA Defends Short Notice of Bank Loan Sale, FT Says

April 21, 2012

Ireland’s National Asset Management Agency defended in court giving less than an hour’s notice to a hotel-company shareholder affected by the sale of a 660 million- pound ($1.06 billion) loan, the Financial Times reported.

Patrick McKillen, a shareholder in hotel owner Coroin Ltd., is suing David and Frederick Barclay, the newspaper said. NAMA, which had taken control of the loan from Anglo Irish Bank Corp. and the Bank of Ireland, argued the length of the notice didn’t matter because there was nothing that could have stopped the transfer of the loan to the Barclays, the FT reported.

To contact the reporter on this story: Erik Larson in London at elarson4@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net


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