The ill health of the Irish housing market is persisting. Residential property prices are relentlessly spiking since the last years and 2017 does not bode well for buyers.
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As the property market continues crashing in Northern Ireland, Lone Star, a private equity firm based in the United States (US) is the first establishment to engulf the Irish mortgages. Since the mortgage crisis started to be felt in 2012, Lone Star dedicated over €5 billion to acquire Irish properties. The firm equally had to create a specific company under the name of European Residential Loan Securisation 2016-1 DAC to deal with the sum of €563.9 million representing loans granted by the Irish Nationwide Building Society. Nonetheless, this investment is taking a nightmarish turn.
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In this time of mortgage and loan instability in Ireland, data can help the government make decisions to bolster the failing economic climate. Unfortunately, the Central Bank of Ireland does not have data. The number of business loans that have been sold out to so-called “vulture” funds is completely unknown.
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