Courts / Wicklow / Report

'Absolutely not' any side arrangements between bank and Michael Lynn, witness tells trial

Date
2023-11-07

Stage
Trial

Primary locality
Redcross

County
Wicklow

Summary

During a multi‑million euro theft trial, former Ulster Bank manager Stephen McCarthy testified that there was no covert or side arrangement between the bank and former solicitor Michael Lynn. McCarthy, who was involved in a €3.65 million loan application for Lynn's purchase of 11 residential investment properties, described a meeting in September 2006 where Lynn requested an undertaking from the bank's solicitor firm. McCarthy said the bank complied only after a different partner would provide the undertaking. He denied any knowledge of hidden information or regulatory inquiries and stated he was unaware of any "flexible lending" or dual approach. McCarthy also clarified that the bank's interest was not in Lynn's €55 million European development plan, which was unrelated to the loan for the apartments. The trial, presided over by Judge Martin Nolan, continues with a jury. Michael Lynn pleaded not guilty.

Who, what, where, when and why

What: Report matter: 'Absolutely not' any side arrangements between bank and Michael Lynn, witness tells trial. Charges or matters: 21 counts of theft in Dublin between October 23, 2006 and April 20, 2007. Procedural stage: trial

When:

October 23, 2006 Hearing Or Sentence
April 20, 2007 Hearing Or Sentence
September 2006 Hearing Or Sentence
October 2007 Hearing Or Sentence
February 2007 Hearing Or Sentence
2023-11-07 Publication

Why: He said the meeting "sticks out in his mind" because they met for a considerable length of time and, at the end, he said Mr Lynn said "one final thing" before asking if his solicitor's firm could provide the undertaking to the bank. CNI source report