ACC's €3.7m loan to Michael Lynn was for private home and was not commercial, witness says

An ACC Bank fraud officer has given evidence at Dublin Circuit Criminal Court in the ongoing theft trial of Michael Lynn, a former solicitor. Mr Lynn, aged 55 and resident in County Wicklow, faces 21 counts of theft relating to alleged offences between October 2006 and April 2007, with a total value of approximately €27 million across seven financial institutions. The prosecution alleges Mr Lynn obtained multiple mortgages on identical properties without the lenders' knowledge. The witness confirmed that a €3.7 million loan provided by ACC to Mr Lynn in 2007 for the purchase of Glenlion House in Howth was classified as a private residential mortgage and not a commercial facility. He stated the bank would not have advanced funds had it been aware that the Irish Nationwide Building Society and Bank of Scotland Ireland had simultaneously provided loans totalling over €8 million for the same property. The trial, before Judge Martin Nolan, continues.