Dublin’s Lord Mayor Nial Ring has managed to save his home from a bank sale after raising well over €1m to pay off debts he owes Bank Of Ireland Mortgage Bank, the Circuit Civil Court heard today Friday.
Barrister Kate Conneely, counsel for Cllr Ring and his wife Joyce who was also named in repossession proceedings, told the court that a three-mortgage debt amounting to €903,420, together with the bank’s undisclosed legal costs bill, could be struck out by consent of both parties.
Ms Conneely, who appeared with Business and Commercial Solicitors, told Judge Jacqueline Linnane the extent of the new funds and where and how they had been raised, could not be divulged on the basis it may breach data protection legislation.
She said funds capable of meeting all outstanding debts owed to the bank and its legal costs had been lodged with Mr Ring’s solicitors ready to be transferred to Bank of Ireland Mortgage Bank.
Judge Linnane said she did not think the proceedings should be struck out until confirmation was received that the funds had been transferred to the bank, just in case of any slip up.
Eithne Corry, counsel for the bank, confirmed that the bank accepted it was to be put in funds for settlement of outstanding debts and the bank's costs which, it had been suggested, could be measured by Judge Linnane.
Judge Linnane said that on May 24, 2017 she had made an order for possession of the Ring family home at St Lawrence Road, Clontarf, Dublin.
The Civil Bill had outlined three loans for €234,000; €380,000 and €486,000 (totalling €1.1mi) with a stay on her order for six months on the basis that €10,000 a month would be paid off for the duration of the stay.
It was part of her order that on default of any €10,000 payment the stay would be automatically lifted.
The judge said her order had been appealed and had come before the High Court on March 15, 2018. The appeal had been withdrawn and a consent order had been made again on grounds of a stay of 11 months on the basis that €10,000 a month would be paid over that period, again with a stipulation that the stay would be lifted in default of a single monthly payment.
Judge Linnane said that according to papers in the proceedings, no €10,000 monthly payments had been made and only one payment of €5,000 had been paid over to the bank which had moved to execute the order and send in the sheriff.
The Rings had then obtained a High Court ex parte injunction restraining the sheriff from acting on behalf of the bank.
The Rings had given the bank an undertaking as to damages which, Judge Linnane said, she thought would not be worth very much bearing in mind the extent of their outstanding debts, which included mortgage arrears of €527,000.
When Judge Linnane suggested postponing any order to strike out the proceedings until the funds had been transferred from the Rings’ solicitor's account, both parties asked for a brief adjournment to facilitate talks.
Shortly afterwards the court was told the funds had been transferred to the bank but confirmation of the transfer may take a day. Judge Linnane put the matter in for mention again on Monday and was told there would be no need for the court to measure the bank’s legal costs.
Mr and Mrs Ring did not have to attend court for mention of the settlement, and will not have to attend on Monday.