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Wednesday 7 December 2016

O'Brien is 'delighted' over judgment on injunction

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Published 04/06/2015 | 14:30

AN INJUNCTION was granted to businessman Denis O'Brien stopping RTE broadcasting his personal bank affairs with IBRC because the station did not produce evidence of bad corporate governance at the State-owned bank, according to a High Court judgement.

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Mr Justice Donald Binchy said RTE did not plan to make an accusation of wrongdoing against Mr O'Brien but was intending to suggest best practice was not exercised at the bank when agreeing interest rates on the businessman's loans.

However, the judge said no evidence was presented to the court that would allow it conclude there had been a failure of corporate governance at IBRC.

He said there has been a right to confidentiality between banks and customers for almost a century. But the right to confidentiality was not "absolute" and in some circumstances it is trumped by issues of "very significant public importance".

RTE sought to report that Mr O'Brien had a verbal agreement with Mr Aynsley to extend the deadline to repay his loans with IBRC. The judge said there is nothing wrong with such an agreement, unless it was reached without the approval of the bank's credit committee.

Mr O'Brien said he was "delighted" with the judgment. "I note Mr Binchy's statement that the existence of a right to confidentiality between a bank and its customers had been recognised in law for almost a century," he said.

Herald

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