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Musician Shannon and manager told to pay bank €520k

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Sharon Shannon

Sharon Shannon

Sharon Shannon

MUSICIAN Sharon Shannon and her manager John Dunford have consented to a €520,000 judgment being registered against them.

Permanent TSB sought the judgment against the pair after they allegedly failed to make repayments on a business loan taken out with the bank in 2006.

The judgment order was made yesterday by the Master of the High Court who deals with procedural matters in cases which may or may not end up at a full hearing before a judge of the High Court.

In its proceedings, Irish Life and Permanent Plc, trading as Permanent TSB Plc, said Ms Shannon, Devon Gardens, Salthill, Co Galway, and Mr Dunford, Corbawn Shankill, Dublin, borrowed €402,000 by way of an Endowment Residential Business Loan from it in November 2006.

The loan was to be repaid by way of monthly instalments of €1,650 over a period of 20 years. In June 2010, the bank said, they failed to make two monthly repayments in a row.

Under the terms and conditions of the loan, the entire balance became due and owing.

In 2012 the bank demanded full repayment of the loan. Despite making the demand the bank claimed the defendants neglected to pay back the monies advanced plus interest.

consented

The bank's application for judgment was briefly mentioned yesterday before the Master of the High Court, Edmund Honohan.

Tomas Keys Bl, for Permanent TSB Plc, told the Master the defendants had consented to judgment of €520,057.

The Master placed a six-month stay on the execution of the judgment order, which the parties had agreed.

Ms Shannon is one of the Ireland's best-known and most successful musicians.

Her album Sharon Shannon is one of the biggest-selling recordings of Irish traditional music of all time.

The Co Clare native has also collaborated with many top names in music.

The musician has performed before audiences all over the world including for US presidents Bill Clinton and Barack Obama.

Mr Dunford, as well as acting as her manager, is a well known music producer.

hnews@herald.ie


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