Danske Bank secures judgment of €7m for unpaid property loans

Danske Bank has secured judgment for almost €7m against a businessman over unpaid loans secured on properties at Charlemont St in Dublin.

Rossa Fanning, for Danske, trading as NIB, said the claim related to loans advanced for properties at Charlemont St, over which the bank appointed a receiver in December.

The bank was satisfied John Meagher had no defence, said Mr Fanning.

Mr Justice Peter Kelly said he was satisfied the proceedings were served on Mr Meagher, who entered no appearance.

The judge said that he would transfer the case to the Commercial Court and enter judgment in the sum of €6,984,826, plus costs.

Danske offered Mr Meagher, Milltown, Ashbourne, Co Meath a €6.9m loan facility in Feb 2011 to restructure existing loans. The new loan was secured on five properties in Charlemont St.

The last full payment by Mr Meagher on the loans was in Jan 2012, but the next month’s payment of €48,546 was deferred until Apr 2012. Mr Meagher, it was claimed, made only a partial payment of €23,556 at that stage and the bank agreed to accept interest-only repayments as negotiations continued.

When the sides failed to reach an agreement, Danske issued a pre-demand to Mr Meagher in Jul 2012 and requested payments of arrears or a proposal for dealing with the debt.

In Oct 2012, Danske issued a formal demand in respect of the full amount of the loan and a final letter of demand was sent in last month.

A bank official, Donal Scully, said in an affidavit Dublin City Council, as it was seemingly entitled to do, had in 2012 exercised a break clause in its lease with Mr Meagher for two of the properties at Charlemont St.