Irish store owner must pay back $46 million loan to Swiss bank


A  store owner from Co. Monaghan has been ordered to pay back a $46 million loan from a Zurich bank.

Jim McConnon borrowed the money to build a shopping center in Castleblayney. The center is now only worth $1.4 to $2.8 million.

In court, Justice George Birmingham said that McConnon's lawyers had not made an arguable case to allow the matter to go any further. He granted permission for the bank to take steps to recover their money.

Birmingham said that the decision by Zurich Bank to advance McConnon the funds seemed extraordinary, bordering on bizarre. However, he said that it was not a question of a bank forcing funds on a reluctant or gullible borrower.

McConnon had spent $13.9 million before the Zurich bank had even entered on scene.

Birmingham also said that the fact that McConnon's usual bank, and other Irish banks, would not get involved should have indicated that the project was not free of risk. Because McConnon had proceeded in borrowing the money, the judge could see no reason that he would be absolved from the liability to repay.


Log in with your social accounts:

Or, log in with your IrishCentral account:

Forgot your password ?

Don't have an account yet? Register now !

Join IrishCentral with your social accounts:

Already have an account ?

For Newsletter Subscribers – Draw for 1 Prize on December 31st.

Prize: Your Piece of Ireland – a Square of Land in the heart of the Glens of Antrim, Ireland

More details here (or you can buy a little piece of Ireland directly): http://bit.ly/1zew9ox

Terms & Conditions

Or, sign up for an IrishCentral account below:

By clicking above you are indicating that you have read & agree to our Terms and Privacy Policy.

Make sure we gathered the correct information from you

By clicking above you are indicating that you have read & agree to our Terms and Privacy Policy.

You already have an account on IrishCentral! Please confirm you're the owner.

Our new policy requires our users to save a first and last name. Please update your account: