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The purchase of three major Irish businesses over the past two years by the billionaire businessman Denis O’Brien involved total bank write-offs of more than €300 million.
The deals saw the businessman invest €230 million to acquire the Siteserv Group, the Topaz Group and the Beacon Private Hospital.
The Siteserv deal saw the State-owned Irish Bank Resolution Corporation, which is now in liquidation, write off €110 million of the €150 million it was owed. Mr O’Brien’s move to become the major shareholder in the Topaz Group earlier this year involved the IBRC writing off slightly more than half of the €304 million it was owed.

Banks write off over €300m in three deals with Denis O’Brien (Colm Keena, Irish Times)

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