Concern at deeds used to obtain €9m loan
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A BANK yesterday outlined its concerns about the deeds used by solicitor Thomas Byrne to secure a €9m loan.
In affidavits to the High Court, IIB said that a loan of €9m paid by it to Mr Byrne was secured on a number of properties which in fact were the subject of a prior mortgage with other banks -- Bank of Scotland Ireland, which was represented in court yesterday, ICS Building Society, Anglo Irish Bank, Bank of Ireland and Ulster Bank Ltd.
IIB also said it had concerns about title documents and particular concerns relating to a house in Ballsbridge, Dublin, and a house in Clondalkin, both residential properties.
The loan was secured on 16 residential properties located in Ballsbridge, Dublin; Walkinstown, Dublin; Crumlin, Dublin; Clondalkin, Dublin; Balrothery, Co Dublin; Skerries, Co Dublin and Co Carlow.
It was also secured on non-residential properties in Saggart, Co Dublin, Crumlin and Ballymount.
Documents
IIB Bank head of lending Mr Barry Kealy said he had concern about the title documents to a number of properties -- and in particular had concerns about title documents in relation to a house in Clondalkin, Dublin, which was purchased by a couple who were clients of Mr Byrne.
That property was now registered in the name of Mr Byrne but was in fact mortgaged by the couple to IIB Homeloans, IIB having advanced some €335,000 to be secured on a mortgage on that house.
An undertaking by Mr Byrne to produce a set of title deeds to IIB Homeloans remains outstanding, Mr Kealy said.
Mr Kealy said he also had concerns about the title to a house in Ballsbridge, Dublin.
The deed relating to the Ballsbridge property was stamped on a date in September last and purported to be a deed from a named man, Mr A, to Thomas Byrne.
However, Mr A had, in an affidavit, denied either executing such a deed or the transfer of the property to Mr Byrne.
Mr Kealy said the property in question was in fact owned by Ms B, partner of Mr A, both of whom were clients of Mr Byrne's firm, Thomas Byrne & Company, which had acted on Ms B's behalf in relation to purchase of the property.
Earlier in his affidavit, Mr Kealy said IIB Bank plc had issued loan approval of €9m to Mr Byrne on August 8, 2007, which was to be used by Mr Byrne for further investment purposes.
- Aodhan O'Faolain
