Property
AIB chief warns €50bn decline in commercial property sector likely to continue
Colin Hunt says bank is ‘cautious’ but ‘not worried’ by downturn because it has been conservative since re-entering the market
The downturn in Ireland’s €50 billion commercial property market will continue in the coming months, the chief executive of country’s largest bank has warned.
Colin Hunt, the head of AIB, said there’s been a “marked slowdown” in activity in the sector so far this year, and warned that underlying asset prices will continue to fall.
The news comes after the lender booked a €91 million impairment charge for the first half of the year in ...