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Irish financiers feed on builders as cheap loans fade into past

Developers approach them for loans as banks, hit by the real-estate collapse, hesitate to lend

BORROWING COSTS: The yield on AIB's November 2016 bond has fallen to 1.28 per cent from 2.88 per cent when it was sold in 2013. At the height of the crisis, a senior unsecured AIB bond yielded 16 per cent.


ALAN Merriman used to chase Irish real-estate developers around Dublin, competing with other bankers to lend them money before the market's crash devastated the economy. Now, he says they come to him.

Mr Merriman is among a new wave of financiers taking equity stakes in