Irish Nationwide: Loaned €7million to councillor with income of €70K

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Senator Francis "Francie" O'Brien has repeatedly refused to comment on reports that he owes large sums for several properties to Irish Nationwide after getting loans processed by its former chief executive Michael Fingleton.
He has been a member of the Seanad since 1989 and also served as a councillor on Monaghan County Council. A farmer by profession, his register of interests in the Seanad declares no other means of income except his Seanad salary of around €70,000 and his expenses -- which amounted to €207,089.48 between 2005-2008.

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Was the Irish Nationwide extraordinary in this? I imagine that Anglo Irish Bank did many such loans as well. Did the banks perform any meantesting of people, or was the fact he was a councillor enough of a guarantee?

(For more details on his land deal gone wrong, see [broken link removed]. Is there a Gaelic equivalent of schadenfreude?)

It's like a 'How many mistakes can you spot' scenario.

1) Bank lending €7m to someone with €70k p.a. income
2) A community needs to gather the signatures of 2/3rds of its residents to oppose a scheme multiplying the houses in the community tenfold
3) Paying €7m for a 17 acre field in monaghan
4) A senator making a play on a windfall gain from a potential rezoning decision
5) The CEO of an organisation fast tracking loans for a prominent politician
6) €70k p.a. salary plus €50k p.a. in expenses to a senator!!!

Feel free to add to this list!

The farmer did well in selling the field of €7m. To be honest I dont see how 17 acre in Monaghan could be worth €7m at the height of the boom and who they were going to sell the houses to! Oh well, at least it did not turn into another ghost estate we will have to pay to knock down.

What happens if Mr O'Brien cannot pay the €7m? Or if turns out there was no proper due diligence/security on the loans?

canicemcavoy said:

[broken link removed]

Is there a Gaelic equivalent of schadenfreude?)

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Primetime?

canicemcavoy said:

What happens if Mr O'Brien cannot pay the €7m?

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Can you still be a senator of you are bankrupt?

Amazingly he has four of five properties as well which I presume make up some of the 7M loans.