Sunday 25 February 2018

Banks to get €200k McFeely bath cash

Cormac Murphy

BANKS are set to benefit from €200,000 found hidden in Tom McFeely's former home.

As secured creditors of the bankrupt developer, Bank of Ireland and Irish Nationwide Building Society — now part of Irish Bank Resolution Corporation — are set to receive a sizeable portion of the stash.

However, unsecured creditors, such as the residents of the Priory Hall firetrap apartments built by McFeely, are unlikely to see a cent.

Residents’ spokesman Graham Usher told the Herald: “We were never under any illusions as to where that money would end up.

“My own view is the money should go to the State to pay back some of the expenses that have gone towards paying for Tom McFeely's mistakes.”

He added if the cash is going to Irish Nationwide then “it is going to NAMA eventually”.

The news comes as gardai say the money — found during searches which yielded €140,000 and €60,000 — will be passed to the assignee handling the ex-IRA hunger striker's bankruptcy proceedings.

The move indicates the Criminal Assets Bureau is confident it belongs to McFeely, although he has denied this.

Last September, the Herald revealed the discovery of €140,000 in McFeely's former home on Ailesbury Road.

A plumber involved in renovation work on the property came across it in €50 notes.

Days later, gardai uncovered a further €60,000.

The finds were made only a short time after NAMA sold the Dublin 4 mansion.

The money is being held in an AIB account in Dublin pending its formal disposal.

McFeely's former home was repossessed by NAMA last year after the developer defaulted on a €9.5m loan

Irish Independent

Promoted Links

Today's news headlines, directly to your inbox every morning.

Promoted Links

Editor's Choice

Also in Irish News