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Derek Quinlan ordered to repay €6.5m

Derek Quinlan lives in the UK and was not present in court
Derek Quinlan lives in the UK and was not present in court

The Commercial Court has ordered former Revenue official and financier Derek Quinlan to repay more than €6.5m to Bank of Scotland.

The money relates to a loan of €180m taken out by Mr Quinlan and a number of other borrowers to buy the Bank of Ireland headquarters on Baggot Street in Dublin.

The other borrowers involved in the loan included developer Paddy Shovlin and former head of Anglo Irish Bank Sean FitzPatrick.

The bank did not take today's action against Mr FitzPatrick, who was declared bankrupt last year.

The loan agreement included only a limited ability for the bank to recover the money. It has taken action against eight borrowers for more than €25m.

Mr Quinlan was not present in court and was not represented by lawyers. He now lives in the UK.

The court was told the loan began to go into arrears in 2008.

The court also ordered another of the borrowers to repay more than €800,000 in connection with the same loan.

A full hearing of the application for summary judgment against the six other borrowers named in the action will take place in February.