IBRC seeks possession order

Thu, Jul 19, 2012, 01:00

THE IRISH Bank Resolution Corporation is seeking possession of a couple’s family home over their alleged failure to repay €246,000 arising from a £69,000 loan taken out in 1991. Most of the sum claimed is interest.

The State-owned bank, formed after Anglo Irish Bank and the Irish Nationwide Building Society were amalgamated, has told the High Court it wants an order for possession of the home of Patrick and Patricia Raftery, Cloonbrackna Court, Roscommon, arising from a bridging loan allegedly advanced to them by Irish Nationwide in December 1991.

They have counterclaimed that the bank has acted in breach of its fiduciary duty towards them.

IBRC says the loan was advanced to the couple for three months at a variable interest rate of 16 per cent towards their purchase of The Hob, Charlestown, Co Mayo, incorporating a coffee shop, post office and licensed premises.

In an indenture of mortgage agreement from November 1992, IBRC claims the couple agreed to repay the £69,000 (€87,600) loan and to put up the family home as security.

Arising from their alleged failure to repay the loan in 1996, INBS took possession of the Co Mayo premises and sold it for £72,500.

IBRC claims an outstanding amount on the original loan, including interest, continues to accrue. It alleges that as of this month, the couple owe more than €246,000 and the bank is entitled to a possession order.