The Commercial Court will give its decision in just over two weeks time in the challenge being taken by developer Paddy McKillen against the transfer of his loans into the National Asset Management Agency.
The President of the High Court, Mr Justice Nicholas Kearns, said the three judges obviously had a lot to consider, but in view of the urgency of this matter, they would give their judgment at 10am on Monday November 1. This afternoon, on day seven of the case, both sides finished their submissions.
Senior Counsel Shane Murphy, finishing his replying submissions on behalf of Mr McKillen, said the decision to acquire the loans had been taken by people who were not employees of NAMA but employees of the National Treasury Management Agency. He said it was not clear that they had any capacity to act on behalf of NAMA except in a preparatory capacity.
He said the State was arguing that the decision to acquire the loans, taken before NAMA was set up, was a preliminary decision. But he said it would be an extraordinary curiosity that a state body, wielding very extensive powers, exercising them in the public interest at a time of crisis, would do so on the basis of amorphous, implicit, invisible understandings, recorded unseen.
Lawyers for Mr McKillen have urged the court to give a decision on all the points raised during the case, including the issue of whether or not the NAMA legislation is so broad as to be unconstitutional.
