Bank of Ireland has seized control of four related provincial shopping centres in an effort to shore an exposure of more than €100 million.
The bank has installed receivers over Monaghan Town Shopping Centre, Sligo Retail Park and Letterkenny Retail Park in Co Donegal. A receiver has also been installed over Tullamore Retail in Co Offaly.
The shopping centres are owned by a consortium of businessmen that includes William Moffett, Pat Doherty and Anson Logue. Bank of Ireland has advanced more than €100 million to fund the developments, but has become increasingly concerned about its exposure.
Kieran Wallace and Patrick Horkan, accountants with MPNMG accountants, have been installed as receivers
I traveled in one of the developer's helicopter to see Sligo Retail Park once during the boom. I was acting for a large Furniture chain (now in liquidation!). There was "no room" for us in the park...
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