Limerick developer Michael Daly has consented to a judgment of more than €86.5m being entered against him over property loans given to his companies by Anglo Irish Bank.
The judgment is one of the largest ever entered against an individual at the Commercial Court.
Mr Daly, of ‘Dalmin’, North Circular Road in Limerick, had claimed he was regarded by Anglo as a ‘favoured developer’ in the mid west region with ‘easy access’ to senior figures in the bank.
He also claimed he was actively encouraged by the bank to undertake massive property developments in 2006 and 2007 with the assurance that hundreds of millions of euro would be made available.
The full hearing of the case was due to take place on 11 January but Anglo brought a preliminary motion to strike out Mr Daly's defence on the grounds that he had not handed over certain documents.
That motion was due before the court today but lawyers for Anglo told the Commercial Court that Mr Daly had emailed the bank saying he was consenting to judgment in the sum sought.
