Court rules IBRC can take possession of Roscommon couple's home

The High Court has ruled that IBRC can take possession of a couple's home in Co Roscommon after they failed to make a single payment on an investment loan issued 20 years ago.

Patrick and Patricia Raftery put their house at Clonbracknagh Court, Roscommon up as security against a £69,000 loan from Irish Nationwide Building Society.

In 1992 Patrick and Patricia Raftery signed up to a loan to buy a pub known as 'The Hob' in Charlestown, Co Mayo.

Today, twenty years on, Mr Justice John Hedigan noted it was remarkable that not one single payment on the loan has ever been made.

With interest they now owe over €262,000.

However the couple dispute the validity of the loan agreements arguing they breach the Family Home Protection Act and were entered into without independent legal advice.

They also claim the bank sold off 'The Hob' bar well below market value when they repossessed it in 1996.

All the Rafterys claims have been rejected by the court – and an order for possession of the family home has been made in favour of IBRC.

The couple say they will appeal.