Mulryan firm says it can't service BoSI loan without the support of parent
Published 26/02/2011 | 05:00
ONE of developer Sean Mulryan's Irish companies has signalled that it may no longer be able to service a loan it has with Bank of Scotland (Ireland).
Florentine Properties has a site in Bray, Co Wicklow, valued at just €2m, but with total debts of €22m.
The Mulryan-backed company has acknowledged the site will not start in the near future.
The decision of Bank of Scotland to leave the Irish market may also have implications for the company.
"The company has a very limited source of income,'' state accounts for the firm. "The company has only been able to service the loan with the support of its parent.
"The directors do not believe that this support will continue," state the accounts.
"The directors are in discussions with the company's lenders regarding the future of the company."
Many of Mr Mulryan's loans have gone into NAMA.
A group of debt-collection specialists and managers are currently managing the Bank of Scotland (Ireland) loan book, which will gradually be wound down.