The court did not rule on whether or not NAMA can enforce a further €3.5m loan secured on the family home of Carol and John Morrissey at Palmerston Road, Dublin 6.
Mr Morrissey got loans of some €27m from Irish Nationwide Building Society between 2004-2006, in connection with acquiring seven investment properties. A loan of €3.75m borrowed in 2005 to buy the Palmerston Road property, secured on the house, is also in default but NAMA has not so far decided to enforce against that loan, she said.
As she was adjourning making final orders for two weeks, Mr Morrissey said an appeal will be brought over the findings. The agent said he questioned how "optically" it would look to the taxpayer if NAMA was to allow Mr Morrissey and his family remain there whilst owing NAMA more than €25m in residual debt - the debt remaining after the investment properties were sold - and when more than €4.7m was outstanding on the loan secured on their home.
She rejected claims that NAMA, in its handling of issues concerning the family home, breached the couple's rights.