Fingleton hit with €13.6m judgment after listing assets
The figures emerged as the Commercial Court made summary judgments for €13.6m against the former Irish Nationwide Building Society boss over unpaid development loans owed to Ulster Bank.
The ruling by Mr Justice Peter Kelly came as it emerged that Mr Fingleton had failed to include his €27m pension in the list of assets he declared to Ulster Bank.
A list of assets and liabilities held by the former banker also emerged at yesterday’s hearing.
His assets include:
* Four apartments in Dublin with an estimated value of €1.2m.
* Four detached houses in Dougart, Achill, Co Mayo, worth €800,000.
* A detached house in Leopardstown worth €950,000.
* Retail property at Phibsboro Road in Dublin worth €900,000.
* Zoned land in Baltinglass, Co Wicklow, worth €500,000.
* A penthouse apartment at Galway Bay Golf and Country Club worth €300,000.
* His family home worth €3m.
* A share worth €4m in prime development land in Montenegro.
Mr Fingleton also declared that he had initiated legal proceedings to recover €10m-plus held in trust by a third party from actual earned and received profits in relation to a major Dublin northside development.
As regards his liabilities, he declared his 25% interest in 50 acres at Swellan, Co Cavan, with the total borrowing with Ulster Bank of €13.5m on the site.
He also pointed to his net exposure to AIB of €2m by way of guarantee.
Mr Fingleton’s counsel described as a genuine error his client’s failure to declare his enormous pension in his assets.
Mr Justice Kelly described the omission as extraordinary.
In his ruling, the judge also granted summary judgment for €12m over the same loans against Fianna Fáil Castleblaney Senator Francis O’Brien and two Co Monaghan property developers, Noel Mulligan and Charles McGuinness.
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