Central Bank says €6.5bn in Irish commercial property funds at risk due to Covid-19

Forty-three Irish real estate funds could be at risk of breaching banking covenants if value of properties continues to be hit

29th November, 2020
Central Bank says €6.5bn in Irish commercial property funds at risk due to Covid-19
The Central Bank has warned that in a worst-case scenario, 43 Irish real estate funds (IREFs) are at risk of breaching their banking covenants if the value of their properties continues to be hit.

Some €6.5 billion invested in dozens of Irish commercial property funds is at risk because of the impact of Covid-19 on values and rents, according to the Central Bank.

The bank has warned that in a worst-case scenario, 43 Irish real estate funds (IREFs), with assets of more than €6.5 billion, are at risk of breaching their banking covenants if the value of their properties continues to be hit.

The regulator has been increasingly concerned about...

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