Bank of Ireland could lose €42m on property firm closure, says report

Bank of Ireland could lose €42m on property firm closure, says report

It has emerged today that Bank of Ireland could lose up to €42m after the collapse of a property development firm.

McDaid Developments (Ireland) Ltd was placed into administration in June.

An administrator's report showed that the Derry-based developer owed the bank more than €49m.

The administrator estimates that the sale of the firm's remaining assets will raise less than €9m, however.

More on this topic

BOI apologies for ATM glitch that debited customer's accounts twiceBOI apologies for ATM glitch that debited customer's accounts twice

BoI offers ‘green mortgage’ discountBoI offers ‘green mortgage’ discount

Bank of Ireland board faces barrage of complaints from shareholders over customer service at branchesBank of Ireland board faces barrage of complaints from shareholders over customer service at branches

BOI apologises after ATM users charged twice for cash withdrawalBOI apologises after ATM users charged twice for cash withdrawal

More in this Section

UCC business students to benefit from $1m philanthropic donationUCC business students to benefit from $1m philanthropic donation

Emirates announces deal for 20 more Airbus A350 planesEmirates announces deal for 20 more Airbus A350 planes

Irish renewable energy firm acquires Mayo windfarm for €37.2mIrish renewable energy firm acquires Mayo windfarm for €37.2m

Sage Group sells payment arm to US firm Elavon for €270mSage Group sells payment arm to US firm Elavon for €270m


Lifestyle

Louis Mulcahy reads in Cork this weekend for the Winter Warmer fest, writes Colette Sheridan.Wheel turns from pottery to poetry

ACCLAIMED filmmaker Damian O’Callaghan is well used to creating cinematic magic on screen.Wedding of the Week: Filmmaker Damian meets his real-life leading lady

From age 6, I was on stage. I started with school plays but it never occurred to me that it would become my job.This much I know with writer and performer Joanne Ryan

I’m 30 and have been with my boyfriend for nearly two years.Sex Advice with Suzi Godson: I can't help him to climax...

More From The Irish Examiner