The Court of Appeal has been told that Brian and Mary Patricia O'Donnell previously agreed to provide full vacant possession of Gorse Hill.
Counsel for Bank of Ireland Cian Ferriter said it showed an unequivocal acknowledgement of indebtedness to the bank.
He said Bank of Ireland had a legal right to possession of the property without a court order since June 2012.
But he said the O'Donnell children issued pre-emptive negative proceedings to prevent the repossession.
He said Blake, Blaise, Bruce and Alexandra O'Donnell had made an undertaking to the High Court that if they lost the action they therefore accepted they did not have lawful possession of Gorse Hill and would have to leave the house.
Brian and Mary Patricia O'Donnell are trying to overturn last week's decision by the High Court to grant a trespass order to Bank of Ireland and receiver Tom Kavanagh.
The appeal began yesterday but Ms Justice Mary Finlay Geoghegan said that it had to finish today.
There are three judges hearing the case: Ms Justice Finlay Geoghegan, Ms Justice Mary Irvine and Mr Justice Michael Pert.
Mr Ferriter said previous court rulings showed that the banks security has been upheld as valid.
He said that it was not a single legal document anywhere that shows that Vico Limited had granted a right to reside to Brian and Mary Patricia O'Donnell.
He also said that when Vico Limited had forgone its entitlement to ownership and possession that Brian and Patricia O'Donnell had no entitlement.
He said all evidence presented to the court points to the contrary.
He said the fact the claim to a right of residence was raised last month showed that Mr O'Donnell was simply trying to come up with something to buy more time.
He said Mr O'Donnell wanted to remain bankrupt and rent-free at Gorse Hill at the bank's expense while he made these arguments.
Mr Ferriter said the O'Donnell's became trespassers on 1 August 2012 and that was renewed on 2 March 2015.
He said the reality of the matter was that the O'Donnell's were residing in England and came back just as their children were about to vacate in essence to frustrate the bank from being able to go in.
He said any issues they had raised about Bank of Ireland Private Banking had been fatally undermined the the settlement agreement.
He said the O'Donnell's had given no undertaking to damages and that they can not because they are both bankrupt.
He said manifestly the bank will be damaged because there were suggestions that they could be getting €12,000 a month in rental income for the property
He said the bank lose out as the O'Donnell's remain there as bankrupts
He said there is also no evidence before the court that the O'Donnell's are in a position to insure or maintain this huge property.
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