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Michael Lynn Trial Continues, Court Hears Lynn's Breached Bank Agreement After Loan Of €3.6 Million.

The trial has heard he was in breach of a bank agreement one year after being issued a loan worth 3.6 million euro.

The trial of former Wicklow solicitor Michael Lynn has heard he was in breach of a bank agreement one year after being issued a loan worth 3.6 million euro. Giving evidence last week, Sam Beamish told the court he was a director at Ulster Bank prior to his retirement. He said Mr Lynn contacted the bank in September 2006 seeking financing for the purchase of 11 properties in Dublin. Mr Beamish said in October 2007, Mr Lynn came to be in breach of the bank agreement with officials issuing a letter demanding full and final payment for all outstanding transactions. He said no repayment had been made at the time he gave a statement to gardaí. Mr Lynn with an address at Millbrook Court in Redcross is facing 21 charges relating to the alleged theft of around €27 million from seven financial institutions. The financial institutions involved are Bank of Ireland Mortgages Bank Ltd, Danske Bank, Irish Life and Permanent, Ulster Bank, ACC Bank PLC, Bank of Scotland Ireland Ltd, and Irish Nationwide Building Society. He denies all charges against him.

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