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
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 ...