Summary judgment application against former AIB and Central Bank director struck out on agreement

Summary judgment application against former AIB and Central Bank director struck out on agreement

By Ann O'Loughlin

A summary judgment application for €1.7m against former AIB and Central Bank director Bernard Somers in relation to a loan secured on various assets, including his home in Foxrock, Dublin, has been struck out at the Commercial Court after the sides reached an agreement.

Launceston Property Finance DAC had brought the case arising from a demand issued on October 4 2017 over €1.76m allegedly outstanding on a €3.62m loan but the matter was adjourned for talks.

The case was first before the court late last year and had been adjourned to allow talks take place between the sides.

Today Gary McCarthy SC, for Launceston, told the Commercial Court the matter had been resolved between the parties and with the consent of both parties the case could be struck out.

No details of the settlement were given in open court,

Mr Justice Robert Haughton agreed to strike out the case.

Launceston had sought summary judgment against Mr Somers and his wife Marguerite, of Old Bawn, Kerrymount Avenue, Foxrock.

It arose from a 2010 loan for €3.62m made by Anglo Irish Bank Corporation Ltd to the couple.

The fund accepted Ms Somers' liability was limited to her interest in their home, described by the fund as a "very valuable" asset.

After Anglo's collapse the loan was transferred to Irish Bank Resolution Corporation and acquired by the fund in 2014.

Launceston claimed the loan was not drawn down for purchasing a family home but that the couple's home was security for it.

The fund claimed it had engaged with the couple over alleged failures to make repayments in line with the loan facility terms.

It claimed certain repayments were made and, following lengthy negotiations, a debt repayment strategy was agreed in July 2015 which involved the €1.54m proceeds of sale of a property at Upper Mount Street in Dublin being paid to the fund.

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