Former Anglo Irish Bank applies for possession of couple's home
Irish Bank Resolution Corporation is seeking possession of a Co Roscommon couple's family home over their alleged failure to repay €246,000 of mainly interest on a £69,000 loan obtained by them to buy an investment property in 1991.
IBRC, the state owned bank formed after Anglo Irish Bank and Irish Nationwide Building Society (INBS) were amalgamated and nationalised, has asked the High Court for an order seeking possession of Patrick and Patricia Raftery home at Cloonbrackna Court, Roscommon Co Roscommon arising out of a bridging loan it claims was advanced to them by INBS in December 1991.
The couple have opposed the action and say that the bank is not entitled to an order for possession.
They have conterclaimed that that the bank has acted in breach of its fiduciary duty towards them.
In its proceedings, the IRBC claims the loan was advanced to the couple, for a term of three months at an variable interest rate of 16%, to go towards their purchase of a property known as 'The Hob' in Charlestown Co Mayo that contained a coffee shop, post office and licenced premises.
In an Indenture of Mortgage agreement entered into between the parties in November 1992, IRBC claims the couple agreed to repay the £69,000 (€87,600) loan and to put up the family home by way of a charge as security.
Arising out of their alleged failure to repay the loan in 1996 the then INBS took possession of the Co Mayo premises and sold for IR£72,500. IBRC claims that an outstanding amount on the original loan, including interest continued to accrue and has not been repaid.
The Raftery's have opposed the proceedings and in separate defences they both deny the bank's claims that they have failed to repay the loan as alleged.
