FAI kicks off the new year with Desmond debt deal

Danske Bank has declined to reveal the discount it accepted on the Football Association of Ireland’s (FAI) near €60 million in loans associated with its half share of the Aviva stadium, citing customer confidentiality.

It was reported yesterday that the association has received a writedown of €12.5 million on the loans as part of a refinancing agreed with QED Equity, an investment firm founded by Dermot Desmond, and Kohlberg Kravis Roberts (KKR), a giant US investment house.

It is likely the bank accepted a higher discount than this when it negotiated the refinancing deal with the FAI and the two investment houses. QED and KKR could not be reached for comment last night. The Sunday Times reported yesterday that the deal means the FAI will save up to €20 million in capital and interest payments over the next six years.