NALM entitled to £840,000 investment proceeds of boom-era developer Bernard McNamara

The former Fianna Fáil councillor was one of the biggest developers at the height of the boom, acquiring major hotels including the Burlington in Dublin and 50 properties in Dublin 2.

The trustees asked the High Court to determine whether the investment proceeds should go to the NALM, under its alleged security entitlements arising from the 2007 loan, or be retained in the estate of bankruptcy of Mr McNamara for the benefit of his creditors generally, of which the NALM is by far the largest creditor.

Ms Justice Roberts found that the entire investment proceeds were validly charged to Anglo, and now to the NALM, by virtue of undertakings given in 2007 on behalf of Mr McNamara and SF Capital.

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