Bloomberg News

Allied Irish Cuts Maximum Loan Level for One-Bedroom Apartments

December 10, 2011

Dec. 9 (Bloomberg) -- Allied Irish Banks Plc cut the maximum amount it will lend for a one-bedroom apartment to 75 percent of the value of the property from 92 percent.

Details of the cut were contained in a letter sent by the Dublin-based lender to mortgage brokers this week, seen by Bloomberg News. Allied Irish spokeswoman Helen Leonard confirmed the contents of the letter, saying the cut aligns the bank to other lenders in the market given “significant” decline in value of one-bedroom apartments in Ireland.

To contact the reporter on this story: Joe Brennan in Dublin at jbrennan29@bloomberg.net

To contact the editor responsible for this story: Finbarr Flynn at fflynn3@bloomberg.net


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