A COUPLE have consented to court orders requiring them to repay loans of some €3 million to Bank of Ireland.
After Mr Justice Peter Kelly granted judgment in that amount yesterday in the Commercial Court against Noel and Patricia O’Connor, Drumboylan, Leitrim village, Robert Beatty, for the bank, said it was concerned about the possibility of executing that judgment.
He said that the bank had liberty to apply in that regard.
Earlier, counsel for the O’Connors said her clients were consenting to judgment in the amount sought.
The action relates to a “bridging term” loan of some €2.63 million advanced to the couple under a loan agreement of May 2006.
The bank said the repayments were dependent upon the net proceeds of sale of two apartments owned by the defendants in Longford or on other funds from the defendants.
The bank claimed the defendants failed to make payments in June 2006 and again in March 2007. It also claimed the defendants had agreed to pay €20,000 a month from July 2007 to service the interest on the debt but “to no avail”. The defendants also failed to set up a standing order to fund the interest on the loan, the bank claimed.
It alleged some €55,000 was later lodged, after correspondence between the sides to the loan account, while €60,000 was lodged to the defendants’ current account in early December 2007. The amount now owing was some €3.01 million.