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Beleaguered Perry owed more than €100,000 to taxman


Junior  minister John Perry’s position has become increasingly tenuous after it emerged he had tax arrears of €100,000 with the Revenue Commissioners.

Taoiseach Enda Kenny yesterday gave a less than ringing endorsement to the minister and speculation has already begun about his successor as Small Business Minister.

Court documents also reveal Mr Perry told Danske Bank, to whom he owes €2.5m, that he “knew Richie Boucher of Bank of Ireland” during negotiations on his loans.

The documents also show Mr Perry accusing the bank of “a form of bullying” and alluded to the personal consequences of actions by the bank “with his job”.

Mr Kenny said he has spoken with Mr Perry about his financial difficulties this week.

And the Taoiseach has also discussed the matter with Tanaiste Eamon Gilmore as concern within the Coalition over Mr Perry’s position mounts.

However, it is not clear if the Taoiseach or Tanaiste were aware of Mr Perry’s tax arrears – as neither Government leader is commenting.

But Mr Perry told Danske Bank in January 2012 that Bank of Ireland had agreed to give him a 10-year loan to help him address tax arrears of about €100,000, according to Commercial Court documents.

But it is not clear if the minister has since cleared the arrears with Revenue.

Last night, opposition parties called on Mr Perry (pictured) to make a statement on his finances as the reference to tax arrears piled the pressure on the minister.

Mr Perry has six weeks to repay €2.5m after he and and his wife Marie consented to a judgment for that amount against them at the Commercial Court over unpaid loans on Monday.

Mr Kenny said Mr Perry’s case was “indicative” of a number of business people across the country who have got into financial difficulty. I don’t really want to say anymore about John Perry’s particular problem.

“I spoke to him on Sunday and obviously they are working on that for the future,” he said.

Speaking on Mid-West Radio in Mayo, Mr Kenny said Mr Perry was committed to continuing his work as Small Business Minister.

“Obviously he has worked exceptionally hard in terms of his ministry. He’s got a court judgment to deal with here now in respect of the next five or six weeks,” he said.

Mr Gilmore’s spokesman said the Tanaiste reiterated that Mr Perry and his wife should be given the “time and space” to deal with the issues.

He also confirmed the Taoiseach and the Tanaiste had a “brief conversation” on the matter.

Mr Kenny’s spokesman also would not comment on the tax arrears question.

“The Taoiseach is not going to comment on the details of the case as the court proceedings progress,” the spokesman said.

But Fianna Fail finance spokesman Michael McGrath said it would not be acceptable for Mr Perry, as Minister of State for Small Business, to preside over businesses that were not meeting their taxation obligations to the State.

“In my view, on that issue alone, his position is very much called into question,” he said.

Mr Perry also told Danske Bank that AIB had agreed to give him an 11-year loan to pay €125,000 to other creditors and his other lenders had agreed to continue facilities on an interest only basis, minutes of meetings state.

The minutes relate to some of a number of meetings held between Danske and Mr Perry about delays in making repayments on a loan of €2.4m made to him and his wife in October 2011.

It also emerged that when the bank indicated last january that it would seek judgment or appoint a receiver if satisfactory proposals were not provided, Mr Perry expressed shock at the bank’s “aggressive approach”.

Irish Independent

via Beleaguered Perry owed more than €100,000 to taxman – Independent.ie.

Nama sues two businessmen in effort to recover loans of €90m –


THE NATIONAL Asset Management Agency has sued three companies and two businessmen in an effort to recover more than €90 million arising from loans made by Allied Irish Banks for property developments in Dublin.

One of the businessmen, Reginald Tuthill, with an address at Cranmer Court, Whiteheads Grove, London, and a former address at Tower Road, Clondalkin, Dublin, was adjudicated bankrupt in England on August 29th last, the day before the Nama proceedings were served on him, the Commercial Court has heard.

Nama had appointed a receiver over the three companies after failing to be provided with statements of the assets and liabilities of Mr Tuthill and Derek O’Leary – with an address at Cubitt Building, Gatliff Road, London, and formerly of Oakmount, the Birches, Foxrock, Dublin – in the context of a business plan for the companies, the court also heard.

Mr Justice Peter Kelly agreed yesterday to enter summary judgment for about €90.5 million in favour of Nama against two of the three companies but adjourned the application for judgment against the third due to service issues. It was not expected there would be any opposition to judgment against it, he was told.

Judgment was entered against Sandyford Forum Developments Ltd and Blackthorn Securities plc but adjourned against Maycombe Developments Ltd, all with addresses at Oakmount, the Birches, Foxrock, and all in receivership.

On the application of Andrew Fitzpatrick, for Nama, the judge granted summary judgment for some €24.2 million against Mr O’Leary arising from loans and guarantees by him and Mr Tuthill, up to a maximum €24 million, of the liabilities of the companies, plus a facility for some €200,000. A solicitor for Mr O’Leary said he was consenting to judgment.

Because Mr Tuthill was adjudicated a bankrupt the day before the proceedings were served on him, the application for summary judgment for some €25 million against him was adjourned. That sum is made up of some €24 million allegedly due under personal guarantees of liabilities of the companies and a separate loan facility provided to Mr Tuthill to buy two apartments in Smithfield, Dublin.

The proceedings arise from several loan facilities advanced by AIB, including a €41 million facility of December 2008 to Blackthorn to part-finance its acquisition of a five-acre site at Sandyford, with repayment to be made by the end of September 2009 on terms including that repayment would be made from the sale of an office development and car parking spaces at South County Business Park in Leopardstown.

Another €18.85 million facility was advanced to Sandyford Forum Developments in December 2008 to part-finance the Leopardstown development, while a €20 million facility was provided to Maycombe, also in late 2008, to buy a two-acre site in Sandyford.

via Nama sues two businessmen in effort to recover loans of €90m – The Irish Times – Tue, Oct 23, 2012.

via Nama sues two businessmen in effort to recover loans of €90m – The Irish Times – Tue, Oct 23, 2012.

Tallaght Hospital secures €12m overdraft from AIB – RTÉ News


Talllaght Hospital was over budget by over €10m in July

The hospital was over budget by over €10m in July.

It said it sought a letter of support from the Health Service Executive for the overdraft from AIB.

In a statement tonight, the hospital said it was managing its finances prudently and had made savings of 6% in its budget this year, despite a 5% increase in in-patient care.

Tallaght is one of around five major hospitals that are heavily over budget and last year it was over budget by over €14m.

The Government has said there will be no supplementary health budget to assist health overruns.

The HSE said tonight that under Service Level Agreements (SLAs) these hospitals are permitted to seek an overdraft up to 7% of their budget for the final quarter of the year.

Other hospitals that have exceeded their budgets are Beaumont, Limerick Regional, Galway University Hospital and Cork University Hospital.

via Tallaght Hospital secures €12m overdraft from AIB – RTÉ News.

via Tallaght Hospital secures €12m overdraft from AIB – RTÉ News.

Kenny accepts latest interest rate hike difficult – but won’t stop it – National News – Independent.ie


 

TAOISEACH Enda Kenny says the Government accepts the latest mortgage interest rate rise by AIB will be “difficult and challenging” for homeowners.

But he refused to step to block the second hike by AIB in two months.

The State-owned bank announced last week it would be raising its interest rate by 0.5pc to 4pc – two days after the bank paid €1bn to senior unsecured bondholders.

The move affects the bank’s 70,000 variable-rate customers, will see already-struggling homeowners coughing up an extra €1,222 a year for a standard €200,000 mortgage. Fianna Fail leader Micheal Martin said the rate increase will “bleed the ordinary householder across the country”.

Mr Kenny said the decision was made by the AIB board.

via Kenny accepts latest interest rate hike difficult – but won’t stop it – National News – Independent.ie.

via Kenny accepts latest interest rate hike difficult – but won’t stop it – National News – Independent.ie.

Banks working on new plan to solve crisis


Top management in both AIB and Bank of Ireland are reading the Old Testament to get them out of the current economic crisis.

Apparently, they have heard it’s where prophets are to be found

If you are looking for a loan please do not walk into the bank with a copy of the New Testament as it is viewed with suspicion

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