A legal action by businessman John Nagle and his wife aimed at preventing the loss of their family home has been settled on undisclosed terms.

Mr Nagle, former chief executive of card payment company Payzone, and his wife Joan had brought proceedings against Bank of Ireland Mortgage Bank arising from their appeal against its refusal to accept their proposals for repayment of their mortgage on their home at Falls Road, Shankill, Dublin. The bank contended the action was “misconceived”.

In September 2009, after the mortgage fell into arrears, the bank brought proceedings seeking judgment for €5.1 million against the couple. In negotiations, the Nagles advanced proposals for repayment but the bank’s Arrears Support Unit rejected those in May 2011. The Nagles appealed that decision under the Central Bank’s Code of Conduct on Mortgage Arrears but claimed they were unable to advance that appeal due to the bank’s failure to give them necessary information.