AIB offers €20m to Belfry property investors

Hopes are rising that settlement can be reached in High Court action by 300 investors who lost millions in the Celtic Tiger-era property scheme

Barry J Whyte

Chief Feature Writer @whytebarry
4th July, 2021
AIB offers €20m to Belfry property investors
Following the collapse of the Belfry funds, the investors initiated claims in August 2014 seeking damages on grounds including alleged negligence in the operation of the funds. Picture: Maura Hickey

AIB is offering a total of €20 million to a group of investors suing over money they claim they lost in the bank’s Celtic Tiger-era Belfry property funds.

The Business Post understands that the offer is around half of what the 300 investors actually put into the series of funds.

Between 2002 and 2006, AIB raised €300 million from around 3,000 Irish people in total, to which it added nearly €1 billion-worth...

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