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Borrower given credit for overcharge of interest in claim for €31 million
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High Court determines that bank in special liquidation was entitled to judgment in sum of €31,542,125.93 against borrower, having given credit of €143,676.64 for overcharging of interest.
Summary summons issued in 2011 - borrowings dating back to 2000 - most recent facility letter dated February 2009 - Commercial Court - preliminary matters set down for determination - further hearings - other issues for determination - whether court could look behind interest rate in 2009 facility letter - whether defendant could pursue defence with reference to "swap agreements" - whether borrower could challenge work done by receiver - application to substitute name of plaintiff - alleged overcharge by bank - hedging arrangements entered into between bank and borrower - whether any basis for deduction - alleged interest overcharge - calculation of interest with reference to EURIBOR rate - bank charged for five additional days - deduction of €143,676.64 - cash held by receiver.
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