Business Irish

Saturday 24 March 2018

IBRC clients' cheap loans

BANKER: Mike Aynsley
Ronald Quinlan

Ronald Quinlan

Several of the IBRC's clients benefited from "extraordinarily low interest rates" arising from historical deals agreed with Anglo Irish Bank prior to its collapse, the bank's former CEO, Mike Aynsley, has revealed.

The claim made under Dail privilege by Independent TD Catherine Murphy that businessman Denis O'Brien had been afforded an interest rate of 1.25pc on his IBRC loans was, however, "grossly inaccurate", he said.

Mr Aynsley declined to comment on the actual interest rate that had been paid by Mr O'Brien, but insisted the Commission of Investigation, now being established by the Government, would show Ms Murphy's information to be inaccurate.

Ms Murphy, for her part, has consistently expressed confidence in her sources and in the veracity of the information they have provided to her.

While efforts by the Sunday Independent to contact the Kildare TD for comment last night proved unsuccessful, earlier this week, she said: "I am confident of the information that I put onto the record of the Dáil, and I believe that needs to be enquired into."

Commenting on his and the IBRC's dealings with Denis O'Brien, Mr Aynsley rejected suggestions the relationship had been in any way inappropriate, saying: "The objective was to get 100pc repayment of [loan] facilities and this was achieved."

Sunday Independent

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