Mount Carmel timeline: from formation to liquidation

Mount Carmel Hospital, Churchtown, Dublin: Developer Gerry Conlan paid €50 million for the hospital in july 2006. Loans associated with Mount Carmel were put into  the National Asset Management Agency in 2010.  Photograph: Brenda Fitzsimons

Mount Carmel Hospital, Churchtown, Dublin: Developer Gerry Conlan paid €50 million for the hospital in july 2006. Loans associated with Mount Carmel were put into the National Asset Management Agency in 2010. Photograph: Brenda Fitzsimons

Sat, Jan 25, 2014, 01:00

1949 The Little Company of Mary Sisters opens Mount Carmel Hospital in Rathfarnham, south Dublin.


1960 Investment adds new services and upgrades maternity unit.


March 2006 Developer Gerry Conlan and a business partner sell 408 acres of property and land in Naas for €315 million.


July 2006 Conlan buys Mount Carmel Hospital for €50 million with a loan from AIB. He already owns smaller hospitals in Sligo and Kilkenny.


2007 Conlan tries to buy more hospitals and build a co-located hospital (a private hospital built alongside a public one). He spends €80 million on property in the US with a loan from Anglo Irish Bank.


2008 Conlan becomes one of the Maple 10 who buy shares in Anglo Irish Bank from Seán Quinn. Conlan buys more land in the US including a house for $4 million on Rhode Island.


2009 Mount Carmel’s finances worsen. €40 million write down in value of assets.


2010 Loans associated with Mount Carmel go into the National Asset Management Agency.

2011-2012 Nama supports the hospital financially and awaits economic recovery.


January 2013 Nama appoints Goodbody Stockbrokers to sell Mount Carmel.


April 2013 Goodbody puts Mount Carmel formally on the market. Some 49 potential buyers express interest and 29 groups sign disclosure agreements.


Summer 2013 Five bids received in phase 1. Only one bidder – a consortium involved in private health company Centric – proceeds to the second round with a bid of €9 million.

Late 2013 Centric reduces offer to €2 million and adds extra conditions to bid. Financier Fergal Mulchrone and Tony Barry of Barry’s Tea express interest, also conditional. State is asked to consider taking over the hospital but not interested.


December 2013 The Irish Times says bidding stalled and future unclear.


January 2014 Last ditch private sector bid to buy hospital fails. Nama tells
Mount Carmel director it can no longer provide financial support. Liquidator appointed to hospital. Receiver to be appointed next week to property assets.

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