Brothers get order stopping bank from transferring loans

Companies controlled by brothers Michael and Richard Larkin have secured a temporary High Court injunction restraining Ulster Bank Ireland transferring their loans to any third party.

The brothers, whose family have been involved in the property business for many years, fear sale of the €87m loans to an unknown third party may adversely affect an action their companies have brought against the bank over losses allegedly suffered due to alleged mis-selling and misrepresentations by the bank.

The loans have been performing and the companies are happy to repay their indebtedness fully, the court was told.