Re: The NAMA scheme is a failed design
Namawinelake keeping us up to date with the latest - Constitutionality of NAMA Act questioned by High Court judge -
The case today involves a judgment order obtained by NAMA against a Limerick businessman, John Hegarty and borrowings he had with AIB for property in Clonmel and Maynooth. John Hegarty says that he is only responsible for 50% of the borrowings on the property, a shopping centre, in Clonmel as a result of representations he claims were made to him by AIB. In the High Court today, Mr Justice Peter Charleton, decided that John has an arguable case, and it seems that NAMA is potentially not going to be able to rely on section 101 of the NAMA Act which says that if NAMA wasn’t aware of assurances and the like given by the bank, in this case AIB, when the loan was acquired by NAMA, then NAMA is not bound by such assurance.
Judge Charleton seemingly disagrees and has referred section 101 to the Attorney General. We will now wait to see if she agrees that there is an issue with this section, and if she is, presumably the section will get referred to the Supreme Court to rule whether or not it is constitutional.
Thomas Jefferson : Banking Establishments are More Dangerous to our Liberties than Standing Armies.