Banks agree to lend Carroll companies more money

Banks agree to lend Carroll companies more money

A number of banks who are owed millions of euro by companies controlled by developer Liam Carroll have said they are willing to lend the companies more money if a scheme of arrangement is put in place.

Anglo Irish Bank, in a letter, said it had no objection to an examiner being appointed in a bid to save the Zoe Group and is willing to finance the companies further to the tune of more than €60m.

The High Court also heard today that Ulster Bank, KBC, Bank of Ireland, AIB and Bank of Scotland are in support of an examiner being appointed.

In its letter, Bank of Scotland went as far as saying that the companies had a reasonable prospect of survival.

Lawyers for Mr Carroll told the court that the companies are expected to have earned €40m by the end of the year, taking into account rental incomes and dividends.

The property group Zoe owes various financial institutions more than €1bn.

More on this topic

Supreme Court decides against CarrollSupreme Court decides against Carroll

High Court refuses examiner for Zoe GroupHigh Court refuses examiner for Zoe Group

Carroll examinership bid to reach conclusionCarroll examinership bid to reach conclusion

Zoe Group 'will return to profit in 18 months'Zoe Group 'will return to profit in 18 months'


More in this Section

New regulations to enforce coronavirus restrictions agreed by StormontNew regulations to enforce coronavirus restrictions agreed by Stormont

Funeral masses to be celebrated after crisis has passed, church saysFuneral masses to be celebrated after crisis has passed, church says

The Lotto numbers are in...The Lotto numbers are in...

Spring forward: Don't forget clocks go forward tonightSpring forward: Don't forget clocks go forward tonight


Lifestyle

'That ladder you’ve got out is it safe; do you know what you’re doing?'Ireland's DIYers causing problems for doctors during covid19 crisis

As one of the tens of thousands of people who took full advantage of recent fine weather to walk in the outdoors, it was clear to be seen that the vast majority of people were observing the physical distance advice.Donal Hickey: Stick to lowland walkways

For Tory islanders however, being cut off is a way of life.Islands of Ireland: Isolation a way of life on Tory

Louisa Earls is a manager at Books Upstairs, D’Olier St, Dublin.We Sell Books: Virus response writes a new chapter for Books Upstairs

More From The Irish Examiner