AIB ‘invited O’Callaghan to join Quarryvale project’

AIB wanted Cork-based businessman Owen O’Callaghan on board the Quarryvale project in west Dublin in 1992 to protect its investment, it was claimed at the Mahon Tribunal yesterday.

Lobbyist Frank Dunlop explained: “At the time, my understanding was that Mr O’Callaghan had been invited by AIB into this project in circumstances where AIB was concerned about the level of investment that it had made and the possibilities of failure.”

Sligo-born businessman Tom Gilmartin — who was then based in England — had identified the Quarryvale project, borrowing up to £12 million from the bank. But he got into financial difficulties and Mr O’Callaghan took control.