independent

Saturday 19 April 2014

Gaybo glad to see the back of 'curse of a bank'

Gay Byrne

VETERAN broadcaster Gay Byrne has hailed the demise of the former Anglo Irish Bank, branding it a "curse of a bank on all of us".

Mr Byrne (pictured) lost money as an Anglo shareholder when reckless financial practices brought it to the brink of collapse.

A number of celebrity personalities, sports stars and businessmen face having their borrowings with the Irish Bank Resolution Corporation (IBRC) either revalued by the special liquidator KPMG or transferred to NAMA.

The former 'Late Late Show' presenter declined to say if he had any loans with the bank.

"It was just a curse of a bank on all of us and I'm glad to see it dead and gone forever and I hope it stays dead for a long, long time," Mr Byrne told the Irish Independent.

The multi-billion loans in IBRC will be revalued by liquidator KPMG. The borrowers will then be given 45 days to raise cash elsewhere to buy out their loans if they do not wish to be moved to NAMA.

Another figure whose loans may be moved across is developer Paddy McKillen, who has debts in the region of €260m with IBRC.

The possibility of some of his loans being moved into NAMA comes two years after the developer won a case against the agency in the Supreme Court.

The appeal challenged a decision by the High Court not to block the transfer to NAMA of €2.1bn worth of Mr McKillen's loans from Bank of Ireland.

When contacted, a spokesperson for Mr McKillen said the developer had no comment to make on the events surrounding IBRC this week.

Irish Independent

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