Ulster Bank moves on Fingleton properties
Published 14/01/2011 | 05:00
Ulster Bank has taken out mortgages over a range of properties owned by Michael Fingleton, former Irish Nationwide chief executive, as the bank seeks repayment of €13.6m from the ex-banker.
After registering the mortgages on the properties, in counties Wicklow and Mayo among other locations, Ulster Bank can force a sale or appoint a receiver to recover its money.
Mr Fingleton borrowed the money, along with three other businessmen, for a land deal in Co Cavan. One of the men is a Fianna Fail senator Francie O'Brien.
The bank got a judgement against Mr Fingleton in November and has since registered the mortgages. It is understood Mr Fingleton was notified about the mortgages being placed over the properties.
While Mr Fingleton can object to the taking out of the mortgages, he is liable for any legal costs arising from this.
According to court documents from late last year, Fingleton has a range of assets scattered all over Ireland and also in Montenegro.
The family home of Mr Fingleton in Shankhill, Co Dublin, is also among assets Ulster Bank can pursue.
A judge in October made summary judgment orders for €13.6m against Fingleton over unpaid development loans.
At the time, Justice Peter Kelly described as "extraordinary" Fingleton's failure to include a €27m pension in a list of assets and liabilities given by him to Ulster Bank.
The pension "eclipsed" all Fingleton's other assets, which totalled more than €10m and included properties in Dublin, Mayo, Donegal and Wicklow.
It seemed "extraordinary" he had omitted his biggest asset in his handwritten statement of affairs, the judge said.
The family home at that stage was believed to be worth about €3m.