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Developer Paddy McKillen that footage Clarence Hotel Dublin Bono and The Edge, U2 taken legal steps to try to stop the National Office on the management of assets (NAMA), acquisition of €2 billion (￡ 1 8bn) loans secured on property.

Counsel for Mr. McKillen, Nobel Prize winning economist Joseph Stiglitz who hired as an expert witness argued loans are being repaid and have no place in the group set up to take on risky property portfolios of Irish banks.

However, the Court found that there does need to take into account the State of a loan, denies the request of Mr. McKillen its borrowings conduct and must not be transferred.

If it had been victorious, others might have followed his footsteps, cutting the group cash flow and forcing the Government to intervene.

Justice Nicholas Kearns, President of the Irish High Court said that the law behind the Group was "a response proportional to the serious financial situation which is the State".

Assets of Mr. McKillen include Claridges hotels in London, the Connaught and the Berkeley.

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