Call for independent review of DJ Carey bank writedown

Former Kilkenny hurler, DJ Carey. Picture: Seb Daly/Sportsfile

An independent review needs to be carried out on AIB's writedown of DJ Carey's  €9.5m debt, a campaigner has said.

Chief executive of the Irish Mortgage Holders Association, David Hall, says there needs to be assurance that the same formula was applied in writing down the former Kilkenny star’s debt of more than €9.5 million to €60,000 in a 2017 settlement.

Mr Hall said the association has been contacted in recent days by several people who are angry at the write-down given their own difficulties in achieving settlements with their own financial institutions.

He said: “AIB has a debt mechanism in place. Many people do get large debt write offs in percentage terms and people get into debt – even people with nine All Ireland medals. Debt doesn’t discriminate. The issue here is that there is always a perception that well-known people or well-connected people get preferential or special treatment in Ireland. We have been inundated with people who are very angry.”

He continued that is “appropriate” that AIB confirm that the same criteria was used in the Carey settlement as with other people “given the public interest given who he is, the size of the level of debt and the fact that the time the deal was done, the bank was more or less owned by us so that write-down affects everybody”.

He said that from dealing with the bank on behalf of more than 4,500 clients over the past 10 years, Mr Hall and the Irish Mortgage Holders Association know that AIB’s processes are robust.

But he said: “I think somebody independent needs to review the file”.

He added: “AIB need to confirm that the evaluation mechanism they used to do debt deals for all other customers was adhered to fully for DJ Carey. Any number of independent people could review that.” 

He acknowledged that Mr Carey is entitled to privacy but stressed that this must be weighed against the public interest given that many other people are in debt in Ireland and need to be reassured of equal treatment for everyone, no matter who they are.

He added: “We need to know was the same formula that Mary and Joe with the €300,000 mortgage who were in difficulty and facing eviction adhered to for DJ Carey. This is a very very simple answer that can be given.” And he said: “The answer to that question should be yes if the proper process was followed.”

News of Mr Carey's debt writedown was broken by RTÉ Prime Time reporter Paul Murphy on Friday night.