A further property for which AIB had loaned €1.5m, and for which Mr Carey had signed a personal guarantee, was sold by the bank for €285,000 in 2014.
Last week, Prime Time reported on the settlement document which suggested that Mr Carey secured a 99.4% reduction on a debt of €9.5m to AIB. In Mr Carey's debt settlement document titled 'Compromise of certain liabilities you have to AIB Mortgage Bank', Mr Carey agreed to pay AIB €60,000"in full and final satisfaction" of the debt owed. That €60,000 figure was less than 1% of the outstanding balance.
It is not clear from the documents obtained by Prime Time when the payment was made, but 12 months later the bank wrote to Mr Carey to acknowledge that it had received the money.
Wouldn't be the first time our glorious media got the details wrong (shock horror 🙄) but still shocking none the less 🤬
The bigger question is who purchased the property, was it then sold on for a vast profit.
Probably sold in a hospitality suite at the Galway races ... 'Great price lads !!'
Why are people saying this is filled by taxpayers' money? Should it be AIB customers' money?
Im no economist but that still leaves an 8 million odd shortfall lads.
Yes Proprietys sold but huge short-fall in revenue. Tax payers will foot the bill again. Total Farce. And not one politicians to defend, the ordinary working Man or Woman. What A Corrupt country we live in. No Accountability. Where Are We Heading. ?. ?. God Help Us All.
No mention of Sarah Newman. She will surely be suing all round her after this, she was taken to the cleaners by all of them.
This is a none story RTE amádons were caught and are now trying to bury us readers in drama figures, Bank seized properties on two occasions and sold each for an 80% loss so they did a deal with him to write down 98% of his debt, is that such a big deal
Don’t worry the tax payer will sort that for ya 🙈
I’m sure the public will be delighted to cover AIB’s losses. Again