ACCBANK HAS secured summary judgment orders for €4 million on consent against two property developers over unpaid loans.

The bank had claimed a €5.2 million summary judgment against the Galway men but they had alleged it was charging excessive interest.

Tom Naughton, Bodane, Tuam, and Seán Healy, Garrafraun, Tuam – consented to the €4 million orders at the Commercial Court yesterday.

ACC had last April applied for €5.2 million summary judgment orders against both men but, representing themselves, they told Mr Justice Peter Kelly they believed the bank was adding on excessive interest.

Mr Justice Kelly adjourned the matter to yesterday to allow the bank to file affidavits dealing with the interest issue.

When the case was called yesterday, the judge was told both men were consenting to summary judgment for €4 million and he entered judgment in that sum.

The bank’s claim arose from a €2 million loan of February 2007 to buy a 15-acre site at Ballymote, Co Sligo, and a €2.78 million facility of September 2010 to refinance a previous loan and help complete 15 housing units there. It demanded repayment of €5.2 million last January after which it issued proceedings.

ACC previously obtained summary judgment for almost €6.8 million on consent against Mr Naughton over other loans granted from 2001 to purchase retail and office units at Terryland retail park, Co Galway, to construct an extension to the N17 superstore complex at Milltown, Tuam, and for equity release.

That claim also arose from Mr Naughton’s guarantee of sums due and owing from N17 Electrics Ltd (in liquidation) under an overdraft facility.