Bank of Ireland’s Failure to Disclose Loan Sale Described as ‘Bizarre’ by Supreme Court Judge
The Bank of Ireland did not inform the Supreme Court that it had agreed to sell a home loan involved in a contested legal case before an appeal ruling was issued. This omission was called “bizarre” by a senior judge on Wednesday.
Background of the Case
The bank agreed in December to transfer a mortgage owed by Brian and Attracta Murray of Killybegs, Co Donegal, to the vulture fund Pepper Finance. This agreement was made prior to the Supreme Court hearing an appeal from Mr. Murray concerning a €132,000 judgment related to his debt.
Judicial Reaction
“Everything we have seen from the bank to date has been unsatisfactory,”
said Ms Justice Elizabeth Dunne. She also noted the court was “not happy, to put it mildly,” pointing out the bank’s failure to disclose all necessary information.
“It is bizarre that the bank did not inform the court of the loan’s sale to Pepper Finance,”
she added during Wednesday’s hearing.
Legal Representation and Claims
Mr Murray is represented by Gary McCarthy SC, Patrick F O’Reilly SC, and David O’Brien. They argue that the €132,355 judgment against him should be set aside due to the bank’s failure to disclose key facts to the court.
Loan Sale Details and Timing
Information about the loan sale to Pepper Finance only surfaced after three of the five Supreme Court judges rejected Mr Murray’s challenge to the original judgment in June.
Summary
This case highlights significant concerns over Bank of Ireland’s transparency and the timely disclosure of critical information in court proceedings.
Author’s summary
The Bank of Ireland’s nondisclosure of a loan sale during a Supreme Court appeal was sharply criticized, revealing troubling gaps in judicial transparency.