In the first case of its kind, the National Asset Management Agency has been granted orders for the repayment of multi-million euro loans against three developers.
The orders were granted in the Commercial Court, against Paddy Shovlin, the developer of the Beacon Clinic and Beacon South Quarter in Sandyford in South County Dublin and brothers Patrick and Anthony Fitzpatrick, over loans given to them by Bank of Ireland.
The actions were taken by National Asset Loan Management limited, a 100% subsidiary of NAMA.
The court granted an order of €38.5m against Paddy Shovlin and orders of €22m each against Patrick and Anthony Fitzpatrick.
Mr Justice Peter Kelly said it seemed rather odd to him that in the case of a loan of €280m granted to the men, Bank of Ireland had reduced the amount of money it could reclaim, to less than 5% of the total owed.
The judge said that he did not know why the bank would do such a thing but he said no doubt NAMA could find out what the answer was.
The €280m loan was granted to finance the Beacon South Quarter development.
In separate proceedings, the court also granted orders to Ulster Bank against the three men.
Ulster Bank was owed €6.4m by Paddy Shovlin and €3.2m by each of the Fitzpatrick brothers.
Lawyers for the three men said they were not putting forward any defence to the actions by NAMA or by Ulster Bank.