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Tue 07 Jul 2010Family claims no personal onus for AIB loan
SIX FAMILY members being pursued by Allied Irish Banks over unpaid loans of some €25.3 million have claimed they were clearly assured the loans were non-recourse facilities, meaning the bank would not pursue them individually for repayment.
The loans were advanced in February 2007 to buy 86 acres of lands and premises at Kilbarry, Waterford, with a view to securing planning permission for development. The six claim the loans arose after they became involved with another man, Gerard Conlan, in a co-ownership and profit agreement relating to the lands.
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