€1.2m in covid support loans subject to alleged fraud

Eleven loans had been obtained by certain borrowers using fraudulent identification documents and/or fraudulent financial information

Social Democrat TD Catherine Murphy said: "This is quite obviously a very serious matter as a loss for the State arises." Photo: Damien Storan

A total of 11 loans with a combined value of €1.21m backed by the State-owned Strategic Banking Corporation of Ireland (SBCI) have been subject to alleged fraud.

Details of the extent of the issue are revealed in the 2022 SBCI annual report which shows that three Government departments face a combined potential loss of €860,000 from the alleged fraud perpetrated in 2021.