AIB lost confidence in Gilmartin over Quarryvale

AIB Bank took a hard line against businessman Tom Gilmartin after it lost confidence in his ability to bring the Quarryvale project in west Dublin to fruition, the Mahon Tribunal heard yesterday.

Former senior corporate banking manager Eddie Kay rejected Mr Gilmartin’s allegation that the bank was against him from the outset of the 1990 negotiations and had colluded with Cork-based developer Owen O’Callaghan to wrest control of his project.

In late November 1990, Mr Kay told tribunal lawyer Patricia Dillon SC, the bank felt “it would not be helpful” to have Mr Gilmartin in charge of the potential large-scale retail development. By then Mr Gilmartin’s Barkhill company had run up IR£9 million bank debts.