Fine Gael Minister of State John Perry and his wife have consented to judgment for €2.47m being entered against them at the Commercial Court over unpaid loans.

Counsel for Mr Perry and his wife Marie told Mr Justice Peter Kelly today that they contradict several claims in affidavits of Danske Bank.

However, they accepted they had no bona fide defence to judgment and were consenting to judgment in the amount of €2,474,346.

The judge entered judgment in that amount and also granted the couple a stay on execution and registration of the judgment until 2 September.

Counsel for the couple had sought a three-month stay to allow for restructuring proposals to be advanced by them to the bank.

Rossa Fanning, for the bank, opposed a stay of that duration saying there had been ample time for proposals to be advanced.

The judge said he would not grant the three months but would grant a stay to 2 September.

Given the couple's attitude to the bank's application, he added he would only award costs at the lowest level against them.

The bank sued the couple, of Carrownanty, Ballymote, Co Sligo, arising from an October 2011 facility for €2.42m provided to restructure existing loans.

It claimed the security for the facility included first legal mortgages over a retail premises, the Stone Park Restaurant and Perry's Hardware, all located at Main Street, Ballymote, and over 50 acres of agricultural lands at Ballymote.

It claimed the loan was to be repaid in full 12 months after it was drawn down in November 2011, with the effect that the final repayment date was 12 November 2012.

The couple made some repayments but, the bank claims, failed to keep up the level of interim repayments required under the terms of the loan facility.

Last March, it demanded immediate payment of the total sum outstanding, with interest, of about €2.47m.