O’Flynn: €5m loan for horses, home

Property developer Michael O’Flynn borrowed €5m from AIB to buy racehorses and build his home shortly before the financial crisis hit in 2008.

The developer sought and received €2.5m to assist with the construction of his home and a further €1m to “purchase bloodstock” in January 2008. AIB loaned the remaining €1.5m to Mr O’Flynn for him to invest in a portfolio of shares.

The €5m loan, plus interest, was intended to be repaid within six months.