Permanent TSB sought the judgment, both jointly and severally, against the pair after they allegedly failed to make repayments on a business loan taken out with the bank in 2006.
In its proceedings, Irish Life and Permanent plc, trading as Permanent TSB plc said Ms Shannon, of Devon Gardens, Salthill, Co Galway, and Mr Dunford, Corbawn, Shankill, Dublin, borrowed €402,000 by way of an endowment residential business loan in November 2006.
The loan was to be repaid through monthly instalments of just over €1,650 over a period of 20 years. In June 2010, the banks said the pair failed to make two monthly repayments in a row.
Under the terms and conditions of the loan, the entire balance became due and owing. In 2012, the bank demanded full repayment of the loan. The bank claimed the defendants neglected to pay back the monies advanced plus interest.
The bank’s application for judgment was briefly mentioned yesterday before the master of the High Court, Edmund Honohan
Tomas Keys, for the bank, told Mr Honohan the defendants had consented to judgment of €520,057 in favour of the bank. Mr Dunford and Ms Shannon were represented by separate solicitors.
Mr Honohan placed a six-month stay on the execution of the judgment order, which the parties had agreed.
Ms Shannon, who plays the accordion and the fiddle, is one of the Ireland’s best loved and most successful musicians.
The Clare native has performed before audiences all over the world, including for US presidents Bill Clinton and Barack Obama.
Mr Dunford, as well as acting as her manager, is a well-known music producer.