INDEPENDENT TD Michael Collins said he has taken ‘encouragement’ from the fact that the O’Donovan family in Clonakilty were given a meeting with AIB in Dublin.
Deputy Collins confirmed that one of the hotel’s owners, Tom O’Donovan, and his son, Tom, travelled to Dublin recently to discuss the fact that their loan had been sold by AIB to the Everyday Finance vulture fund.
‘As previously reported, it was a performing loan, so the situation this family have found themselves in is nothing short of desperate,’ said the TD.
Michael Collins said the family, including Tom’s sisters Dena and Therese, are all afraid to leave the building at the same time, in case the receiver changes the locks.
The TD said he was pleased that he, and members of the O’Donovan family, were able to discuss the situation with key AIB officials at their headquarters in Molesworth Street in Dublin.
Describing the meeting as ‘progressive’, Deputy Collins said he believed new lines of communication were now open.
The TD also welcomed the news that Pepper Finance were, this week, instructed by an Offaly court to fix a loan for another family in the amount 2.5% for the 25-year duration of their loan.
‘A lot of pressure needs to be brought to bear on the vulture funds,’ said Deputy Collins. ‘They need to be made to meet with customers who want to pay their loans and their mortgages and provide them with solutions. The O’Donovan family have been under immense pressure for a long time. Their situation needs to come to a successful conclusion, and soon,’ he said, ‘not just for their peace of mind, but for the peace of mind and employment security of the 70 people they employ at the hotel.’
