AIB ‘had full recourse’ to family for loan

A SOLICITOR has told the Commercial Court the final terms of a €25 million loan issued by Allied Irish Banks to buy development lands in Waterford gave the bank full recourse to businessman Philip Lynch and his family for repayment of that sum.

Ronan McLoughlin, of Matheson Ormsby Prentice solicitors (MOP), denied that a message left by him for another solicitor just hours before the loan facility was signed indicated it involved no recourse to the Lynch family.

He said he dealt in 2006 and 2007 with conveyancing aspects of the transaction in which 86 acres at Kilbarry, Co Waterford, were acquired by developer Gerry Conlan and the Lynchs.