ULSTER Bank has secured summary judgment for €3.5m against developer Jerry Beades arising from unpaid loans.
At the Commercial Court, Mr Justice Brian McGovern ruled the bank was entitled to summary judgement for the full amount sought.
Mr Beades, who had opposed the bank's application, said he intends to appeal the ruling to the Supreme Court.
The bank issued its demand for payment of the €3.5m arising from what it said was a May 2010 restructuring of various loan facilities. The bank obtained charges over various properties as security for the loan.
It was claimed Mr Beades defaulted on repayments. The bank made a formal demand for repayment last March, which was not satisfied.
In arguing that he had a bona fide defence to the claim Mr Beades said the loans at issue go back to 1999. The restructuring of 2010, he argued, was a continuance of restructuring of loans going back 14 years.
He said he had been forced to refinance loans from the bank obtained in the 1990s because €1.3m had been taken out of an account with the assistance of a bank manager, as a result of "theft". He says that he intends to bring a claim against the bank arising out of this alleged wrong.
Mr Beades further argued he did not accept claims by the bank a signature on a loan document was his. He also argued that he had taken out the loans with Ulster Bank Ltd, an entity he said not longer exists having been wound up several years ago. Judgment was being sought against him by Ulster Bank Ireland Ltd who he said he did not owe any money to.
The bank rejected the developer's claim that he had an bona fide defence to its claim and argued that judgment should be made in its favour.
In his ruling, the judge said Mr Beades had not made out an arguable defence to the bank's claim which would merit the case going before a full hearing of the court.
The judge said he was allowing a six-week stay on his order to facilitate Mr Beades if he wished to appeal the decision.