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Former Payzone chief and bank settle mortgage row

HIGH Court proceedings brought by businessman John Nagle and his wife Joan against the Bank of Ireland have been settled.

Mr Nagle, the former chief executive of card payment company Payzone, brought the case against Bank of Ireland Mortgage Bank arising out of an appeal against the bank's refusal to accept their proposal to repay their mortgage on their home at at Falls Road, Shankill, Dublin.

The bank had opposed the Nagles' action, and claimed it was "misconceived".

In September 2009, after the mortgage fell into arrears, the bank brought proceedings seeking judgment for €5.1m against the couple – subsequently stayed by the High Court.

The couple entered into negotiations with the bank and put forward a proposal in an attempt to pay back the money owed.

However, in May 2011, BoI's Arrears Support Unit (ASU) rejected their proposal. The Nagles appealed that decision under the Central Bank's Code of Conduct on Mortgage Arrears. The Nagles claim they have been unable to advance their appeal on grounds including that BoI has not provided them with information concerning the appeal procedures, or provided them with information they require.

The Nagles sought various declarations, including that BoI has failed to comply with the Central Bank's code.

BoI denied the Nagles' claims that it has acted unfairly, or that it has breached the code.

Yesterday, on what was the third day of the action, the Nagles' counsel told Mr Justice Paul Gilligan that the matter had been settled and the proceedings could be struck out.

Irish Independent