Lord Mayor raises €1m to stop bank sale of his home
Dublin's Lord Mayor Nial Ring has managed to save his home from a bank sale after raising well over €1 million to pay off debts he owes Bank of Ireland Mortgage Bank, the Circuit Civil Court has heard.
Kate Conneely, counsel for Ring and his wife Joyce who was also named in re-possession proceedings, told the court a three-mortgage debt amounting to €903,420, together with the bank's undisclosed legal costs bill, could be struck out by consent of both parties.
Ms Conneely told Judge Jacqueline Linnane the extent of the new funds, and where and how they had been raised, could not be divulged on the basis it may breach data protection legislation.
She said funds capable of meeting all outstanding debts owed to the bank and its legal costs had been lodged with Mr Ring's solicitors ready to be transferred to Bank of Ireland Mortgage Bank.
Judge Linnane said she did not think the proceedings should be struck out until confirmation was received that the funds had been transferred to the bank, just in case of any slip up.
Eithne Corry, counsel for the bank, confirmed that the bank accepted it was to be put in funds for settlement of outstanding debts and the bank's costs which, it had been suggested, could be measured by Judge Linnane.
Judge Linnane said that on May 24, 2017, she had made an order for possession of the Ring family home, at St Lawrence Road, Clontarf, Dublin 3.
The Civil Bill had outlined three loans for €234,000; €380,000 and €486,000 (totalling €1.1m) with a stay on her order for six months on the basis that €10,000 a month would be paid off for the duration of the stay.
It was part of her order that on default of any €10,000 payment the stay would be automatically lifted.
Mr and Mrs Ring did not have to attend court for mention of the settlement and will not have to attend on Monday.