Ireland's 'bad bank' wins legal test case

Loans secured on three of London's best-known hotels are to be acquired by the National Asset Management Agency (Nama), the "bad bank" vehicle set by Ireland tocombat the financial crisis.

Claridge's, the Connaught and the Berkeley are part of a portfolio owned by the Irish developer Paddy McKillen, who was yesterday thwarted in a legal attempt to prevent Nama acquiring loans he has taken out against the assets. The Irish High Court ruled Nama was entitled to acquire the loans, even though Mr McKillen has kept up with the repayments on them.