‘sup?
Further to the Bank of Ireland reposession hoo ha
Existential German Shepherd Bemused Husky [or mildly-alarmed Alaskan Malmute, see comments] at Gorse Hill, the disputed home of solicitor Brian O’Donnell in Vico Road, Killiney Co Dublin yesterday.
Meanwhile…
The High Court case was adjourned until 2pm today. Mr Justice Brian McGovern said he wants affidavit evidence on Tuesday from receiver Tom Kavanagh outlining what has been happening at the property since noon on Monday when the receiver was due to take possession….
Judge requests details of events at O’Donnell home in Killiney (Tim O’Brien, Irish Times)
Yesterday: Meanwhile, In Killiney
(Mark Stedman/Photocall Ireland)
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that’s a funny looking german shepard.
He used to be a shepard, now he’s looking at that dog.
ShephErd.
Shepherd, as in sheep herder.
German Shepard?
Stop being so cruel and throw him a stick or something!
Is it not one of those beautiful blue-eyed husky chaps?
Hard to tell with the hoodie.
Fluffy?
I used to work in Bank of Ireland Private Banking (not in the lending department but I crossed paths with the O’Donnells several times). They thought they knew everything about real estate investment and wouldn’t take any advice, no mater how well intentioned it was or even advice about jurisdictions that they had never invested in before. They were right and that was that!
The one thing I will said about BOIPB, is that the lending team and credit committee was very prudent and didn’t take a lot of risks (there were other parts of BOI that might have but not in Private Banking). I often remember clients doing “risky” investments or developments and they would be told that their loan request would not be accepted in BOIPB and to try Anglo.
Anyway, what I am trying to say is that BOIPB would have ensured that there was adequate security for any loan that they granted. This would have included the subject property at the very minimum, plus personal guarantee or liens on other assets (this would have included the family home if the clients were stupid/greedy enough to use it as security). The O’Donnells (both husband and wife) were fully aware what they were doing and what they were agreeing to in the various loan documents.
It really annoys me that they have invented several ploys to try to avoid this house being repossessed by the bank e.g. creating a family trust, rights of residency etc. They made investments, the investments went bad and now they have to live with the consequences.
Interesting, thanks. And as suspected.
“Try Anglo”
Hah!
:-|
Seriously, the relationship managers would ask me to have a look at some of the files, it was mainly people buying fields in the middle of nowhere and wanting a loan to develop a shopping centre on it. Most of the time no anchor tenants had been signed up, planning permission hadn’t been granted and the catchment area was too small to support the size of the shopping centre. I would tell the RM not to waste any time on the file as there was no way the credit committee would agree to the loan, no matter how many personal guarantees were granted.
Around 7 out of 10 times the client would go to Anglo (or Irish Nationwide) and lo and behold the loan was granted.
What do you think of the “Land League” guy on the radio spouting pseudo legal mumbo jumbo , regarding high courts European courts appeals etc.? seems to think he knows what he is talking about , the majority of the audience ,he general public, will probably take pause and be tricked into thinking this “poor family” has a case. He even said on national radio that he banks action was causing the “taxpayer” to lose money. But the way I see it, they still took a loan secured against a property and things didn’t work out. so they lose. it’s as simple as that. So what if they have the contacts for pro bono legal stalling? anyone with legal industry family (with vested interest) will use every trick in the book to get out of every problem but most people cant. My two cents?… (not that anyone cares) every average Joe in this country should under any circumstances feel sorry for these people. If they do they are fools.
edit..”..should NOT under any circumstances feel sorry..”.. (sorry)
The O’Donnells would have been classified as “sophisticated investors”, they knew exactly what they were doing. At one stage there were doing deals for around Stg£100 million in London. If I am not mistaken, in 2006 BOIPB granted them a loan for a building in Victoria in London which was occupied by a government tenant or quango on a relatively long lease (I forget the exact details). I think this is the loan in questions.
The O’Donnells played the game that as long as the rental income from the property covered the interest and amortisation, the personal guarantees they gave would never be called on. They went down the route of personal guarantees to get a higher LTV or lower interest rate on the loan.
If they had looked for a non-recourse loan, where the only security the bank had was on the subject office property and the rental income on the property, then the bank would NOT be able to come after their other investments nor personal belongings.
They took the gamble that the value of the property would not fall and that the LTV covenant would not be exercised, meaning they would have to pay money out of their own pocket to insure that the loan was reduced so that the LTV based on the lower value would not be over a certain percentage.
The terms of the loan would have been explained to them very carefully. In addition if the family home is used as security, then loads of other forms have to be filled in and both husband and wife have to sign them.
Let’s not forget that Mr O’Donnell was a Partner in one of Ireland’s leading law firms and his wife has a doctorate. We are not talking about simple people here. They gambled and lost and are now trying to blame everyone else but themselves.
sure, bad investments, having to pay back, such a HARD concept in this country, I mean evicting people for not paying their mortgages, who would have thunk it. if only some someone had warned us that not keeping up with payments could result in repossessions..
Looks like an Alaskan Malamute
https://en.wikipedia.org/wiki/Alaskan_Malamute
God they had their own Hi-vis special made. Like suddenly that gives them some authority
Land League proteting speculators – hilar
I seem to remember this mirrors what happened to RO’CK father-in-law, with Ross buying the house on Vico Road on the cheap making Sorcha delighted, fact and art are one #omg
I wonder how many families they may have evicted while in their prime. I have no remorse for the risks they knowingly undertook. And to think this ‘land league’ are standing guard on the streets while O’Donnell holds up in comfort disgusts me.