Nama has told the Commercial Court that it cannot engage in “endless debate” with Treasury Holdings over the repayment of €1bn (£800m) of loans, according to the Irish Times.
Nama’s lawyers said that insolvent Treasury Holdings was unable to continue trading without the agency’s money.
Senior counsel Paul Sreenan said that Nama had provided over €100m of working capital to the troubled property developer after taking on €1.7bn out of a total €2.7bn of debt, and had only called in its debts after a long process of discussions.
However, Treasury was still looking to Nama for more money at the end of last year when the agency made a decision to call in loans, according to Sreenan.
Treasury Holdings has challenged Nama’s decision to demand loan repayments and to appoint receivers.
sophia.furber@estatesgazette.com
