O'Reilly got €25m Anglo loan last year

ANGLO IRISH Bank loaned almost €25 million to Dublin Central Developments (DCD), owned by property developer Joe O’Reilly, in mid-2009, according to documents filed with the Companies Registration Office.

Two mortgages, for €19.65 million and €5 million, were raised in June and July 2009 for the redevelopment of O’Connell Street, several months after the creation of the National Asset Management Agency was announced.

The arrangement is subject to a negative pledge, by which DCD is not entitled to create any encumbrances – such as a mortgage – on the security assets without getting the prior consent of the bank.

The document states that Mr O’Reilly has a loan facility with the bank to a maximum amount of over €353 million.

In January 2009 Anglo Irish was taken over by the State, which injected €4 billion in capital into it the following March to offset its mounting property losses.

Lending to new customers ceased, but the bank is permitted to make loans to existing customers under specific conditions, a spokeswoman said, including the provision of support, or the protection of the quality of assets.

She declined to comment further, citing client confidentiality, but said it was well-known that Mr O’Reilly was a long-standing customer of the bank. Mr O’Reilly was not available for comment.

This year he secured planning approval for redeveloping the Carlton Cinema site on O’Connell Street. An Bord Pleanála’s approval covers a 2.7 hectare site covering most of a block of Upper O’Connell Street and fronting onto Henry Street, Moore Street, O’Rahilly Parade and Parnell Street. Much of the landmark site has been derelict since 1979, with threats of litigation between various parties and the city council.

The area has considerable historic interest, encompassing much of the escape route from the GPO taken by the leaders of the 1916 Rising, and their final headquarters at 16 Moore Street.

Mr O’Reilly’s most notable project has been the Dundrum Town Centre in south Dublin, He also owns the Ilac centre in Dublin and the Pavilion in Swords.