Tribunal hears of AIB’s high regard for O’Callaghan

SENIOR executives in Allied Irish Bank regarded Cork-based businessman Owen O’Callaghan as the ideal person to drive the Quarryvale development in west Dublin in the early 1990s, the Mahon Tribunal heard yesterday.

An AIB file note relating to the August/September 1992 period enthused: “[Owen] O’Callaghan is probably the most respected and capable shopping centre developer in Ireland. The company has completed five shopping centres over recent years. All... have proved successful.” While AIB was singing Mr O’Callaghan’s praises, his business partner in the venture — Luton-based Sligo-born Tom Gilmartin — was embroiled in financial difficulties that would lead to his being declared bankrupt by the British authorities.

The bank has rejected Mr Gilmartin’s claim it colluded with Mr O’Callaghan to take over the west Dublin project. Mr O’Callaghan also denies the allegation.