Galway Advertiser 2010/GA_2010_01_14/GA_1401_E1_012.pdf 

Resource tools

File information File size Options

Original PDF File

2.0 MB Download


1066 × 1500 pixels (1.6 MP)

9 cm × 12.7 cm @ 300 PPI

629 KB Download
Resource details

Resource ID




Original filename

Galway Advertiser 2010/GA_2010_01_14/GA_1401_E1_012.pdf

Extracted text

12 N E W S

January 14 2010

Anglo lent millions to Galway businessmen for New York properties
BY MARTINA NEE An investigation into the loan dealings of Anglo Irish Bank during the height of the boom has revealed that hundreds of millions of dollars was provided to some of Ireland's wealthiest people, including Galway businessmen, to buy luxury apartments in New York. According to a report in a national paper yesterday an examination of loans issued by the bank over three years ago revealed that potentially hundreds of millions was lent to well-known business men in order to snap up exclusive properties in Manhattan and other upmarket areas of New York. However, some borrowers have been hit by slumping prices since the economic downturn. Galway names mentioned in the bank's loan documents include Michael Burke of Burkeway Construction. The report reveals that Mr Burke and members of his family were advanced a loan worth 1.3 million for an apartment on Broad Street. Mr Burke is involved in building small but high-end developments in Dublin suburbs such as Foxrock as well as larger developments in areas such as Sandyford. Another well-known name mentioned was the now deceased property developer John O'Dolan. The documents show that he also borrowed millions for properties in exclusive areas of New York. Mr O'Dolan died in tragic circumstances in February 2008. An inquest that followed revealed that Mr O'Dolan had been suffering from severe depression and stress in the days leading up to his death. The 51-year-old had extensive business interests both at home and abroad, and was famous for buying up large tracts of land in Dubai, including the island of Ireland, a development which has since collapsed. Mr O'Dolan had founded the auctioneering company Mullery, O'Dolan, and Doyle in the early eighties before going on to establish O'Dolan International. Galway based hotel and oil entrepreneur John Joseph Sweeney was also named as a customer of Anglo Irish Bank for the purchasing of New York properties. The 49-yearold, said to be one of the country's richest businessmen, ran into difficulties recently when his oil distibution business went into examinership. The company was saved by fuel distribution company Tedcastles by a 12 million cash injection. Mr Sweeney is also involved in the Shelbourne Hotel in Dublin and has interests which include the Marriott Courtyard Hotel in Galway, the Station Hotel in Clifden, and the Marriott Johnstown House hotel in Enfield, Meath.

Hollywood 30 Brazilian 25


Michael, Adam and Austin Murphy of Seamount enjoying the snow at Salthill on Saturday. Photo:-Mike Shaughnessy

Market Street, Tel: 561933

The Galway City & County Childcare Committee's role is to coordinate, support and assist the development of quality childcare services in Galway

Visit the Merlin Car2Cash Sales Centre at Galway Shopping Centre

Free ECCE Pre-school Scheme Declaration Forms must be submitted by 20th January
Was your child born between the 2nd of February 2005 and 30th of June 2006? If so, they are eligible for a free pre-school place in January 2010. A list of services participating in the ECCE Free Pre-school Scheme is available from Galway City & County Childcare Committee website: Phone 091 752039 or email if you have any questions about the ECCE Scheme.
Funded by the Irish Government under the National Development Plan 2007-2013
Transforming Ireland


Communion & Confirmation

Saturday 23rd January 2010 from 9.30am - 6.00pm to Sunday 24th January 2010 from 11.30am - 6.00pm

Edel Cochrane 091 530956 Sinead Kelly 091 530953 Kenneth Kelly 091 530954 Brian Somers 091 530952 Dominic Lynch 091 530920 Peter Heffernan 091 530916


Related featured and public collections
 Galway Advertiser 2010 / GA_2010_01_14