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Court of Appeal allows appeal from High Court, and: (a) sets aside order granting judgment in the sum of €3,972,893.57 together with an order for possession of 22 residential properties; and (b) allows the appellants to proceed with their counterclaim for damages for breach of contract, misrepresentation, negligence and breach of duty, finding that the Bank did not review the loan at the end of the interest-only 5-year term (with a view to making it a 10-year interest-only loan) despite giving assurances to the appellants that they would.
Banking law – appeal of High Court order granting judgment in the sum of €3,972,893.57 together with an order for possession of 22 residential properties in the County of Cork – whether there were a number of parol assurances and representations given by the bank that an interest only tracker rate would be available on the mortgage of more than 5 years – did the plaintiff Bank comply with the five year review requirement – judgment set aside – appellants can proceed ahead with their counterclaim for damages for breach of contract, misrepresentation, negligence and breach of duty – appeal allowed
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