The High Court has ruled AIB is entitled to summary judgment for some €2.5 million against three men over unpaid loans.

Judgment was granted against Seán Keane, Rocklands, Gracedieu, Waterford; Michael Ryan, Laraghcon, Lucan, Co Dublin; and his father, Michael Ryan snr, Argus House, Greenmount Office Park, Harold’s Cross Road, Dublin.

The bank provided a loan in August 2007 to Mr Keane and Mr Ryan jnr to purchase and develop light industrial units at Waterford Airport Business Park. The loans were to be repaid within two years and Mr Ryan snr provided a guarantee in the form of a charge over the Al Eile stud farm in Dungarvan.

AIB called in the loans in 2010. The defendants argued it was not entitled to do so and that they had a bona fide defence to the bank’s demand for summary judgment.

In her judgment, Ms Justice Elizabeth Dunne said the bank called in the loan in July 2010 after Mr Keane and Mr Ryan jnr failed to make any repayments of principal or interest on expiry of the facility.

There were also problems with the guarantor, she said.