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
Sat, Aug 08, 2015 - 5:50 AM
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...