Bromley & Sevenoaks
Questionable mortgages
Monday, 28th December 2009
Commissioner McCreevy obtained €1.6 million loan amid questionable lending practices
The front page of the Irish Independent reports that outgoing EU Internal Market Commissioner Charlie McCreevy is one of several Fianna Fail politicians who have been named by an RTE 'Prime Time Investigates' programme as having been given huge mortgages from Irish Nationwide with minimum paperwork involved. Commissioner McCreevy obtained a €1.6m Irish Nationwide loan to buy a luxury apartment in the K Club golf resort in Ireland in 2006. The €1.6m loan was granted even though the home was worth €100,000 less than that at the time. The Irish Times reports that the programme claimed that the loan was granted by Irish Nationwide's then Chief Executive Michael Fingleton, despite the building society's guidelines not allowing 100 percent mortgages.
The Irish Financial Regulator's office has confirmed it would be carrying out an investigation into lending practices at the building society.
Irish Independent Irish Times
