Posted in here as the bank in question is Anglo.
Captains of the Irish business landscape.
Despite the hubris that increasingly enveloped this country for the last decade, the Irish business community seems to have had a near global monopoly on muppetry.
O.K I’m just a serf, but is this guy really saying he was “forced” by others to take out a huge loan? Thats his defence?
Imagine the precedent that could start.
I’m pretty sure I remember murtagh buying all of smart telecoms shares for €1 a few years ago. I wonder if that €5 million of shares was lost.
Careful with your comments on this thread.
Mr Fanning has previous form!
Get that man a job on the Home Choice Loans Scheme.
Looks like a fine example of the cannyness and professionalism of Anglo Irish Bank in advancing credit.
I’m glad Mr Cowan said it’s still ‘business as usual’ at Anglo. Now they’ve got plenty of lovely taxpayers money to play monopoly with, after their shareholders were cleaned out.
Big article on the herald who have dug out a lovely spread of a rather portly mr fanning resplite in horsey gear showing off his 8million pad…
Fascinating . Fanning claims he was ( in effect) induced to take out a personal loan but does not dispute this bit ( in Bold)
Smart went tits up in October 2006 when eircom pulled the plug on them but were bought out some time later .
Oisín has given up on the oul Telecoms since
I find it ASTONISHING That someone who had to borrow so much in 2006 and who had , to quote himself ,** no “financial capacity to repay”** in 2006 should have acquired UK£20m+ worth of shares in an oil company within 2 years of leaving Smart .
It reaffirms my belief in humanity and also in errrrr ummm humanity as well !!!
Don’t lose any sleep over poor Oisin:
Plenty of old rope as me mammy used to say.
Possession of Fanning house granted
The High Court has granted Anglo Irish Bank an order for possession of the home of former Smart Telecom CEO Oisín Fanning.
The bank took the action over what it says was Mr Fanning’s failure to repay loans and interest of €8.6m.
Mr Fanning had opposed the action to possess his Kildare home, Fourenaughts House, claiming he was pressurised into taking out the loan to buy shares in Smart Telecom and that the bank was unconcerned that he had no means to repay it.
He claimed the bank only gave him the loan because Brendan Murtagh, who took over Smart Telecom in 2006 and was a long-standing customer of the bank, had given assurances that repayments would be met.
He claims the loan was effectively made to Mr Murtagh who knew Mr Fanning would be unable to repay it but had said as CEO of the bank he needed to be seen to be investing in it.
However, Ms Justice Elizabeth Dunne noted that Mr Fanning and his partner Pearl Roche had signed documents agreeing to terms and conditions wherein their home was used as security for part of the loan.
She said while it was not a typical home loan, it was not unusual for banks to ask for homes to be used as security.
She granted an order for possession with a three month stay and suggested that both sides discuss how the house in Kildare could be sold to repay the loan, if that is necessary.
The judge said she recognised that it was a difficult time to sell property but equally it might have some features which would make it more marketable.
An extension of the stay might be granted at the next hearing, the judge said.
The court heard the house is a family home shared by Mr Fanning, his partner and her four grown-up children.
He also has other properties and a substantial home in France which is currently on the market.
Afterwards Mr Fanning said he would be appealing the decision.
Anglo can sell this for as low a price as they want, and then pursue him for the balance.
It seems they shouldnt have too much bother forcing him to liquidate some of his other investments to make up the shortfall.
Keep an eye out for “Fourenaughts House” in MyHome.ie
Poor Mr Fanning on RTÉ News at One.
He made the point that it was “remarkable” that Anglo Irish Bank were pursuing him so vigorously for his debt when the same bank is acting differently to those who owe it hundreds of millions of euro (and presumably aren’t paying it back either).
Well, if Mr Fanning knews as much about Irish business as he lets on, he wouldn’t find it so remarkable at all.
Of course, RTÉ preferred to spend more time on the historic nature of the house in question, rather than the hypocritical nature (even by historic standards!) of Anglo Irish.
Here you go, Oisín
I saw this in the IT the other day and thought it was a bit tabloidy of them to name him, seeing as every other report concerning reposessions left the debtors anonymous.
Its a bit rich a successful business man claiming anglo “forced” him to take out the loan.
Why is this even mentioned on the RTE news? Why does it get large media coverage?
This story is of no national interest and is a matter for an individual and a Bank. Laws being broken are not in question, there is no ground breaking legal precedent being challenged - so why is it being so heavily reported?
In a time when the Country is dire straights it depresses me that our national news program is concerning itself with this “gossip”.
The question seriously needs to be asked of Brian Lenihan as to what is being done to get the 85million euro plus, plus interest, back from Mr. Sean Fitzpatrick.
If they can chase this guy for 8.6million and succeed in their approach then they need to do something about similarly following up on Mr. Sean Fitzpatrick and his debt which was inappropriate at best.
I’ll personally give a fiver to any report or interviewer on RTE who really follows up on this question?
Not a hope in hell.
Given the length of time it takes even the most serious of offences to come to trial in Ireland I think it extraordinarily unlikely that this case wasn’t commenced well prior to the Bailout.
Remember, “Don’t attribute to malice that which is adequately explained by incompetence”