A BANK manager has told the High Court he has substantial debts and his enforced retirement now at the age of 60 will place him in “penurious” circumstances with the possibility of losing his home.
Finbarr Martin said he owes a large amount of money borrowed on the strength of the bank parent company’s shares which were now of minimal value. He is in substantial negative equity, facing the prospect of losing the family home, and is also “saddled” with three properties in Spain in negative equity, he said.
He needs to continue working to meet his financial commitments, Mr Martin, manager of Lombard Ireland’s Athlone branch for the last 30 years, said. If he had to retire now, he and his wife would be left with a “very precarious” €800 per month because of the need to service debt.
If he could continue working, he would be able to service his debts without endangering the family home and would have enough breathing space for “a return to normal economic conditions”.
Working to the age of 65 was “no more than my entitlement”.
Mr Justice Roderick Murphy this week refused an application by Mr Martin (60), Garnafailagh, Athlone, Co Westmeath, for an injunction against Lombard Ireland Limited restraining it terminating his employment this month. He had sought the order pending the outcome of his full action in which he claims entitlement to work until the age of 65.
A date for the full action will be set later. His net income now was €5,038 per month and, if he took the maximum lump sum on retirement to pay off debt, he would be left with a monthly net income of €3,000 in retirement. He was also “saddled” with properties in Spain in negative equity with an overall mortgage of €551,000 and debt of €72,000. The bank denies Mr Martin is entitled to work until 65.
