Construction News

27/09/2010

Developer Collapse Costs Bank £36m

The collapse of housing firm McDaid Developments will cost Bank of Ireland almost £36m.

The Londonderry based company entered administration in June.

At the time, it had 13 sites across County Donegal, Derry, Cavan and Longford, which consisted of undeveloped land, completed houses and partially built developments.

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The developer owed the bank £42m.

Administrators estimate the sale of remaining assets will only generate £8m.

Last week it was revealed County Tyrone based APL Developments entered administration owing £3.3m to Ulster Bank, £273,000 to Bank of Ireland and £65,000 to Revenue and Customs.

The general manager of First Trust, John Kilty said many land and development loans were "significantly underwater."

(GK/KMcA)

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