Irish Nationwide internal memo asked to prioritise Lynn's mortgage application, court told

ireland
Irish Nationwide Internal Memo Asked To Prioritise Lynn's Mortgage Application, Court Told Irish Nationwide Internal Memo Asked To Prioritise Lynn's Mortgage Application, Court Told
The internal memo asked if Michael Lynn's application could be “prioritised” as he was “under pressure to close” on the properties for which he was seeking the money. Photo: Collins Courts
Share this article

Isabel Hayes

An internal memo within Irish Nationwide Building Society (INBS) asked that a mortgage application by Michael Lynn be prioritised as he was “under pressure to close”, his trial has heard.

Dublin Circuit Criminal Court heard evidence on Monday of various mortgage applications Mr Lynn made to the building society between September and December 2006 for 10 residential investment properties.

The mortgage applications involved four properties with a combined loan amount of €945,000, three properties with a combined loan amount of just over €1 million, and three properties with a combined loan amount of €1.4 million, the trial heard.

The properties were one, two and three-bed apartments in various locations including East Wall, Parnell Square, Bolton Street and Gardiner Street.

The former solicitor (53) is facing 21 charges relating to the alleged theft of around €27 million from seven financial institutions, the trial has heard. He denies all charges against him.

Multiple mortgages

Advertisement

It is the prosecution's case that Mr Lynn obtained multiple mortgages on the same properties in a situation where banks were unaware that other institutions were also providing finance.

The financial institutions involved are Bank of Ireland Mortgages Bank Ltd, Danske Bank, Irish Life and Permanent, Ulster Bank, ACC Bank PLC, Bank of Scotland Ireland Ltd, and Irish Nationwide Building Society.

Mr Lynn, of Millbrook Court, Red Cross, Co Wicklow, has pleaded not guilty to 21 counts of theft in Dublin between October 23rd, 2006 and April 20th, 2007.

Killian McMahon, an internal auditor for Irish Nationwide Building Society between 2003 and 2006, returned to the stand on Monday to go through various documents relating to the mortgage applications to INBS.

In one memo to an INBS underwriter, a building society worker said she would be grateful if the case could be “prioritised” as Mr Lynn was “under pressure to close” on the properties.

Internal documents within INBS repeatedly used the same terms to describe Mr Lynn, saying he had an excellent repayment record with the building society and was in a strong financial position, with assets valued at over €45 million.

Patrick McGrath SC, prosecuting, showed the jury a number of cheques in relation to some of the mortgage applications, which showed the loan amount being drawn down by the bank and credited to Mr Lynn's account.

In a number of these mortgages, the last repayment was in October 2007, Mr McGrath said.

The trial continues on Tuesday before Judge Martin Nolan and a jury.

Read More

Want us to email you top stories each lunch time?

Download our Apps
© BreakingNews.ie 2022, developed by Square1 and powered by PublisherPlus.com