Banks prepared to fund debt-ridden Carroll

THE banks are prepared to give property developer Liam Carroll more money, even though his companies have debts of €2.3 billion.

The Supreme Court heard banks – including AIB, KBC Bank, Ulster Bank, Anglo Irish Bank and Bank of Scotland (Ireland) – had agreed to provide finance to pay off third-party unsecured creditors.

They also agreed to give the property tycoon money to fund ongoing development and to put a moratorium on repayment of the debt for two or three years.