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Saturday 25 May 2019

The assets: what can and can't be touched

The business: Celtic Bookmakers had a turnover of close to €200m at its peak with 60 shops spread across the country.

The business was seized by AIB last year.

Since then, 31 shops have been sold for a total of €3m and after deducting legal and other costs, the remaining €2.5m was used to cut Mr Yates's debt.

- The family home

The family home and 160-acre farm are estimated to be worth as much as €2m.

The family still has control of the property but Mr Yates's interest in it is up for grabs.

The situation is complicated because he owns half the farm outright while his mother has a life interest in the other half -- but that will ultimately revert to Mr Yates.

- The pension

As a former TD and minister, Mr Yates receives a pension of €74,800 a year.

He is thought to make a further €100,000 from media work.

Again, it will all be up for grabs if the bank seeks an "attachment order" in court.

This would redirect the bulk of the cash from Mr Yates to the lender.

Irish Independent

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