Anglo Irish Bank has launched a multimillion-euro High Court action against Michael Daly, the Limerick businessman and developer who has seen his Fordmount property group collapse with debts of €200 million.
The nationalised lender is pursuing the businessman on foot of guarantees that he provided to the bank.
Anglo has a €150 million exposure to Fordmount, but not all of this was secured by Daly personally.
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