Northern Ireland

Bank will get £1.5m of £9.5m owed says Barnish firm directors

A County Antrim property firm that was placed into administration last month has estimated that the former Anglo Irish Bank will get back just £1.5m of the £9.5m it is owed.

Barnish Homes owned a large site on West Circular Road in west Belfast, next to the former Mackies site.

A £9.5m mortgage was registered on the site in 2005.

However, in a statement of affairs, the Randalstown firm's directors estimate that the site is now worth just £1.5m.

The site has planning permission for 247 homes comprising 117 townhouses, 68 mews houses, 14 semi-detached houses and 48 apartments.

The scheme also includes new access and right turning lane at West Circular Road and improvements to Woodvale Park. Smaller creditors of the firm are owed £55,000, none of which will be repaid.

When Barnish Homes was placed into administration the bank, now called IBRC, also appointed receivers to some of the assets of a number of related companies.

Those firms are: Barnish Construction, Quayside Construction and Quayside Retail.

Mortgage documents suggest that the assets in receivership include two pubs.

Anglo Irish Bank was a major lender to developers during the Irish property bubble.

It was nationalised in 2009 at a cost of about 30bn euros (£23.4bn) to Irish taxpayers.

IBRC is now in the process of running off the bank's loan book and shutting it down.