Process to repay €100m to Anglo clients approved

The special liquidators of Irish Bank Resolution Corporation have secured court orders approving a process to govern their planned repayment of an estimated €100m in overcharged interest by the former Anglo Irish Bank.

The orders were sought arising from a High Court finding of 2011 that the bank had overcharged a businessman, John Morrissey, of Palmerston Rd, Ranelagh, some €143,676 interest on an overall sum of some €31.6m allegedly owed to it.

The High Court found the overcharging arose from the bank’s misinterpretation of the terms and conditions of loan interest which were common to the vast majority of its commercial loans.