Bank of Ireland could lose €42m on property firm closure, says report

It has emerged today that Bank of Ireland could lose up to €42m after the collapse of a property development firm.

McDaid Developments (Ireland) Ltd was placed into administration in June.

An administrator's report showed that the Derry-based developer owed the bank more than €49m.

The administrator estimates that the sale of the firm's remaining assets will raise less than €9m, however.

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