Former Anglo boss’s company owes €370m

A property company cofounded by the former head of Anglo Irish Bank in the North has borrowings of more than €370 million, including significant debts with Anglo.

5th February, 2011

A property company cofounded by the former head of Anglo Irish Bank in the North has borrowings of more than €370 million, including significant debts with Anglo.

PBN Property, which was set up in 2005 by former Anglo executive Neil Adair and property developer Patrick Kearney, has mothballed all its developments and is now in discussions with the National Asset Management Agency (Nama) about renegotiating its loans.

The agency took over PBN’s loans from Bank of...

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