Ruling on Treasury Holdings challenge due


A High Court ruling is due in a challenge by Treasury Holdings against Nama appointing receivers over some of its property portfolio.

Treasury claims the bad bank has been less than transparent in its dealings but Nama says Treasury is past the point of rescue.

Jointly owned by Carrick on Suir native Johnny Ronan, Treasury Holdings has been described by Nama as significantly insolvent with overall debts of €2.7 billion.

It's defaulted on its loans and the bad bank believes the appointment of receivers will lead to the best return for the State.

During the hearing, Nama also raised concern about a €20 million share transfer approved by Treasury to owners Richard Barrett and Johnny Ronan just before their debts were transferred to the state agency.

Treasury claims Nama's rejection of two offers to buy up the group's loans from Nama is astonishing.

The group is trying to secure a full legal challenge to Nama's decision to call in its loans and appoint receivers.