Lynch ‘failed to prove’ AIB loan claims

BUSINESSMAN Philip Lynch and his family have failed to produce evidence to show Allied Irish Banks misrepresented the nature of a €25 million loan made to them and developer Gerry Conlan, the Commercial Court was told yesterday.

Michael Collins SC, for AIB, said neither Mr Lynch nor his family ever asked AIB for a loan facility that involved the bank having no recourse to them for the €25m sum advanced to buy development lands at Kilbarry in Waterford.

Counsel said various versions of the loan facility documents, issued from December 2006, all involved recourse and there was no dispute that the final version of the loan, signed by the Lynches on February 8, 2007, was a full-recourse facility.