Ulster Bank is bringing cases against a group of high profile figures who, between them, have unpaid property loans of around €13.5 million, including Michael Fingleton and Senator Francis O’Brien.
The other members of the group are two Monaghan property developers, Noel Mulligan, of Moyles, Castleshane, and Charles McGuinness, of Tully House, Monaghan.
The original loan, of €13.2 million, was taken out for the purchase of a 50-acre site at Swellan Upper and Lower, Farnham Road, Cavan. This later increased when the group negotiated an interest roll-up that brought the loan to the current value of €13.5 million.
The dispute centers on the exact date that repayment was due. While the interest repayments are being fully serviced, according to the defendants legal representation, the group had met with the bank several times, but never to the bank’s satisfaction. Eventually, legal proceedings were issued. The group of four opposed the bank’s application to have it transferred to the Commercial Court, which fast-tracks business disputes.
Fingleton is the former chief executive of Irish Nationwide Bank.