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October 07, 2010
Brattle Consultants Featured in BBC News Article for Affidavits in Legal Action Against Ireland’s National Asset Management Agency

Dr. Michael Cragg and Mr. Joseph Belanger, consultants in Brattle’s Cambridge office, were featured in an October 7, 2010 BBC News article for their part in the legal action against Ireland’s National Asset Management Agency (Nama). The article, “Economist accuses Nama of 'pursuing self-interest',” discusses Dr. Cragg and Mr. Belanger’s sworn affidavits on behalf of Irish property developer Paddy McKillen, who is arguing against the transfer of his bank loans to Nama, a state-run agency that acquires unpaid property development loans. According to Dr. Cragg, Mr. McKillen’s performing loans should not be taken over by Nama, because it would "in all likelihood, destroy the value of those loans because Nama has no real banking functionality due to its lack of underwriting and credit issuance capabilities." Mr. Belanger analyzed the value of relationship banking and concluded that associating Mr. McKillen’s enterprises with Nama would damage his reputation and cause a decline in his property values and therefore a loss in his net worth. To read the article, visit the BBC website.