Senior BOI official rejects Michael Lynn's defence on loans as 'fairytale'

Michael Lynn, a 55-year-old from County Wicklow, is on trial in Dublin Circuit Criminal Court accused of stealing approximately €27 million from seven financial institutions between October 2006 and April 2007. He has pleaded not guilty to 21 counts of theft. During cross-examination, the defence team challenged a former Bank of Ireland senior business manager's testimony regarding loan applications. The witness rejected suggestions that loans could be used for purposes other than property purchases, describing such a proposition as a "fairytale." The defence contended that Mr Lynn intended to use borrowed funds for overseas development projects, including ventures in Carrick-on-Shannon and Portugal. A former Ulster Bank official also denied allegations that Mr Lynn provided him with cash or paid for his travel. The prosecution's case centres on Mr Lynn obtaining multiple mortgages on identical properties from different institutions without their knowledge. The seven lenders involved include Bank of Ireland, Ulster Bank, Irish Life and Permanent, and Irish Nationwide Building Society. The trial continues before Judge Martin Nolan and jury.