Sale of Odyssey Pavilion to trigger £61m loss

The Odyssey Pavilion in Belfast, which has been put up for sale for £10m (€12.5m) on the instruction of administrator KPMG, will trigger a multimillion euro loss for the IBRC.

The former Anglo Irish Bank, now the Irish Bank Resolution Corporation, bankrolled Belfast businessman Peter Curistan for £71m to develop the Odyssey Pavilion.

The bank is now looking at a £61m loss on the deal, although the total sum is believed to be higher when interest charges are added.