Anglo secures €26m Murtagh judgment

ANGLO IRISH Bank yesterday secured judgment for some €26 million over unpaid loans given to Smart Telecom purchaser Brendan Murtagh whose total liabilities are estimated at some €353 million.

A solicitor for Mr Murtagh had urged Mr Justice Peter Kelly at the Commercial Court to refrain from entering judgment until next December. A further €6 million would be due then from Mr Murtagh as a result of capital gains tax and, if the bank waited, it would avoid two separate sets of proceedings being brought.

While it was unusual for a defendant to be arguing they owed more than was being claimed, the judge said Anglo was entitled to summary judgment now in the €26 million sum as Mr Murtagh had not advanced any defence.

He added additional costs of some €200 would be all that would be incurred if Mr Murtagh, described as of “very limited means”, did not enter an appearance in relation to the tax claim as, in those circumstances, Anglo could then secure judgment from the High Court central office.

Counsel for Anglo had said the bank’s concern was to protect its position. Anglo had brought the case for repayment of €23.4 million and some £2.1 million personal loans made to Mr Murtagh between 1999 and 2009 for commercial dealings in shares and properties.

The bank said it had given Mr Murtagh time to restructure his interests in the hope he might be able to deal fully with the liability but no repayments were made since March when the bank learned of other proceedings against Mr Murtagh.