The politician and his wife owe Bank of Ireland Mortgage Bank €514,817 in arrears on Clontarf property
DUBLIN City Councillor Nial Ring and his wife Joyce today lost their family home to Bank of Ireland Mortgage Bank.
The politician – who wanted to be Lord Mayor of Dublin during the Centenary year of 2016 – has arrears debts totalling more than €500,000 on their house in Clontarf, Dublin.
BOI barrister Sheila Finn told the Circuit Civil Court that Ring and his wife owed €514,817 in arrears alone on three loans taken out initially with the Governor of the Bank of Ireland and transferred to Bank of Ireland Mortgage Bank in 2005.
Ms Finn told Judge Jacqueline Linnane that the couple had taken out three loans in 2003 for separate amounts of €234,000; €380,000 and €486,000, a total of €1,100,000.
She said repayments on the loans amounted to €8,000 a month and following default of almost €500,000 the bank had sought repayment and, in the event of failure, had warned the Rings it would seek a possession order.
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Neither Councillor Ring nor his wife were in court today to hear Judge Linnane hand the property back to the bank with legal costs.
She granted the Rings a stay of six months to find alternative accommodation or reach an acceptable arrangement with the bank.
Counsel for the Rings asked the court for an adjournment. She said Mr Ring had recently found a new job as consultant to a mine drilling company in which US companies had a take-over interest.
She said Mr Ring had made a number of monthly payments of €10,000 as a result of his new employment and felt confident that he could arrange a new financing deal on the loans with another lender without any court orders being made against him.
It would take a long time for him to pay off the half million euro plus arrears
Judge Linnane said she accepted some payments of €10,000 had been made in recent months but these were not as good as they seemed in that the normal monthly repayment on the three loans was €8,000 anyway.
She added: “It would take a long time for him to pay off the half million euro plus arrears, never mind the loans, and I accept the bank’s contention that the ongoing situation is unrealistic.”
Granting the bank an order for possession of No 63 St Lawrence Road Judge Linnane granted Mr and Mrs Ring a stay of six months on the basis that €10,000 a month would continue to be paid to the bank in the meantime.
Counsel for the Rings said the couple might use the stay to mount an appeal against today’s possession order.