Developer consents to record €86m judgment

A DEVELOPER has consented to a record judgment of more than €86.5 million being entered against him over unpaid property loans of twice that amount made to his companies by Anglo Irish Bank.

The judgment order granted by Mr Justice Peter Kelly against Michael Daly yesterday is the largest ever entered against an individual at the Commercial Court.

In his defence, Mr Daly had claimed he was regarded by Anglo as a “favoured developer” in the mid-west region with “easy access” to senior figures in the bank, including Sean FitzPatrick and David Drumm. He claimed he was actively encouraged by Anglo in 2006 and 2007 to undertake massive property developments with the assurance hundreds of millions of euros would be made available.