Terms offered by bank ‘unusual’

AIB gave “unusually favourable” terms to Dublin-based Green Property to take an €800m property portfolio off its hands, former chairman Dermot Gleeson has told jurors at Southwark Crown Court in London.

Achilleas Kallakis and his business partner Alexander Williams, are before the court accused of more than £60m (€75.6m) of property fraud against AIB and Bank of Scotland. The pair have pleaded not guilty to 23 counts.

Speaking on the ninth day of the retrial, Mr Gleeson was questioned about when AIB discovered the apparent fraud, and how it disposed of a number of properties in late 2008 that it had originally provided funds for Kallakis to buy.