The National Asset Management Agency has told the High Court it has 'no current intention' to sell properties in the UK and Ireland of developer David Daly over which it has appointed receivers.
Mr Daly and his children are challenging the agency's appointment of a receiver over some properties after taking over personal loans of about €457m held by him and his children with AIB.
Last Friday, Mr Daly, his daughter Joanne and son Paul initiated proceedings to prevent NAMA insisting on repayment of those loans or appointing a receiver over properties.
The case - against NAMA, the State and AIB - was returned to today when Mr Justice Roderick Murphy granted an application by Michael Cush SC, for the Dalys to list it on Thursday for mention.
James Doherty, for NAMA, consented to the matter's listing on Thursday and also said NAMA had no current intention to sell properties over which it has appointed a receiver. Mr Daly would receive 24 hours notice of any change in that position, he added.
It is expected that a date will be sought on Thursday for the hearing of the Dalys' application for an injunction restraining further steps by NAMA, pending the outcome of the full action by the Dalys.
The Dalys claim they are meeting all their obligations concerning the AIB loans but NAMA had operated on the basis that the loans were on demand facilities which could be called in any time. NAMA called in the loans last Wednesday last and gave them until close of business on Thursday to repay all the loans, they complained.
NAMA moved on Friday to appoint Jim Hamilton of BDO Simpson Xavier receiver over a number of Dublin properties, including Airside Business Park, Santry, which are held by Mr Daly and his family and are not part of his construction business, Albany Homes. NAMA is also seeking to appoint receivers to a number of London properties.
In their proceedings, the Dalys are seeking a declaration that credit facilities entered into by them with AIB in July 2007 and February 2008 and transferred to NAMA last year are not repayable on demand.
NAMA's decision to demand repayment of the facilities is unreasonable and contrary to their constitutional rights, they claim. They also contend certain provisions of the NAMA Act are invalid, unconstitutional and in breach of the State's obligations under the European Convention on Human Rights.
David Daly set up Manor Park Homebuilders with others and, after being bought out if it in 1995, set up Albany Homes Ltd and Trident Home Builders Ltd. He used Bank of Ireland as banker to Albany while AIB was his personal banker.