AIB seeks €3.2m judgment over loans to Monaghan businessman

AIB is seeking €3.2 million summary judgment against a Co Monaghan businessman over property and other loans.

The bank’s action against Seamus McQuaid, Crumlin, Silverstream, Co Monaghan, arises out of three loan agreements allegedly entered into between 2006 and 2009.

AIB claims the monies were loaned to allow the businessman buy residential properties in Co Monaghan and London and to restructure specified loan accounts. Mr McQuaid, it claims, failed to make repayments in respect of the loans.

Last January, the bank issued a demand for immediate repayment of €3.2m but it claims Mr McQuaid has failed to discharged the sum.

On Monday, Mr McQuaid objected to the matter being entered into the fast track Commercial Court list.

He said there had been forgery and dishonesty in relation to documentation concerning the loans and he had raised that issue with the bank in 2012. He also argued there had been “serious delay” by the bank in bringing the action against him.

Alison Keirse BL, for AIB, disputed there had been any delay by the bank. Counsel said there had been discussions between the parties about the loans but no arrangement could be reached.

Mr Justice Brian Cregan said he would admit the case to the list. Noting Mr McQuaid’s objections to the bank’s application, he said those were matters he could raise in defence to the bank’s claim.