Buddy, Can You Spare €5 Million?

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This just in from the Guardian’s Lisa O’Carroll: the tragic tale of the Dublin property investor who claims he’s being screwed because he didn’t borrow enough…

Few taxpayers have a shred of sympathy for anyone who did business with Anglo Irish Bank, which is now being wound down. They are too busy working out how they are going to make ends meet.

But spare a thought for the small time entrepreneurs, those who weren’t big enough to have their loans transferred to the National Asset Management Agency (NAMA) and who – bad luck would have it – chose to borrow from Anglo instead of Bank of Ireland or AIB, the two pillar banks who are earmarked to continue in business.

One of those borrowers, David, contacted me with his story. He has about a dozen commercial properties around Dublin, all of them bar one ‘donkey’ performing.

One is occupied by a state tenant, another a multinational in the IT sector and household name. You don’t get more blue chip than that. In all he borrowed about €5m from Anglo.

Anglo’s recovery unit is not really interested in his story.

Anglo Irish Bank lending: one entrepreneur’s perspective (Lisa O’Carroll, Guardian Irish Business Blog)

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