AIB’S UNUSUAL MANNER

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TOM GILMARTIN’S former business partner, Richard Forman (above), told Tribunal counsel Patrick Quinn SC of “undue pressure” brought to bear by AIB against Gilmartin, the original planner of the Liffey Valley Centre.

Gilmartin, who owed the bank 4.5 million pounds, “was placed under undue pressure to transfer his equity.”

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AIB CLIQUE CLAM-UP CLAIMING NO CLUE

Co-Chairman of the Inquiry, Judge Gerard Keys, found it remarkable that evidence from senior AIB bankers rarely strayed from their carefully prepared notes concerning several “stormy” meetings between AIB, Tom Gilmartin and Owen O’Callaghan.

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AIB BANKER UNAWARE OF PURPOSE BEHIND LOANS

COUNSEL for the Tribunal Patrick Quinn SC cross-examined Mr Barry Pitcher, a senior banker with AIB’s Corporate Management division, concerning Allied Irish Bank’s role in funding the Quarryvale development.

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THE AIB SHUFFLE

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MR PATRICK QUINN SC for the Tribunal quizzed AIB banker Michael O’Farrell concerning his role, in a transfer of shares to each of two other shareholders in Barkhill Ltd; Tom Gilmartin, a 40% shareholder, gave evidence that this was done without reference to him.

The secret transfer meant that for a brief period of time, AIB had a shareholding in Gilmartin’s company of less than 20% and thus dodged registration with the Companies Registry Office. The bank’s share was subsequently returned to 20%.

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AIB BANKER DESCRIBES BARKHILL TAKEOVER

Kay tells of O’Callaghan’s buy-out of Gilmartin’s share of Quarryvale

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Eddie Kay at the Tribunal

This week the Tribunal cross-examined former AIB banker, Edmund Kay, about the Quarryvale land deal and its major players.

AIB held a 20% interest in the project, which would eventually become the Liffey Valley Centre in West Dublin. A 40% share was held by each of two rival developers, Tom Gilmartin and Owen O’Callaghan.

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AIB BANKER QUESTIONED ABOUT QUARRYVALE

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Gerard Kay, outlined AIB’s role in Quarryvale acquisition

Eddie Kay, AIB corportate banker in 1990


MR EDDIE KAY, former corporate banker with AIB, today outlined his role in assessing the Quarryvale project. Mr Kay told the Tribunal that the loans given to O’Callaghan and Gilmartin to finance their respective interests in the project had become problematic when special tax designation was initially passed over.

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