Banking

One-in-seven investors in failed Belfry funds still in debt

Dozens are still involved in negotiations with vulture funds to resolve indebtedness arising out of investments

The Belfry funds were a series of commercial property investment funds promoted by AIB during the Celtic Tiger years. Picture: RollingNews.ie

A survey of investors in AIB’s ill-fated Belfry property funds has found that one in four borrowed money from AIB to invest and that one-in-seven is still in debt from the failed investment.

The survey, commissioned by CKS Corporate Finance, a Dublin-based corporate finance firm, also found that 17 per cent of those who had their loans sold to vulture funds in a loan book sale. The remainder still had their loans outstanding with AIB.