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Laura Holtham
Partner | Legal
Ireland
![Headshot Laura Holtham](/media/jmolprlb/laura-holtham-formal.jpg?cc=0.3631534156721647,0.08752659200633199,0.34402251025376124,0.4727976210956589&width=300&height=300&quality=90)
Laura Holtham
Partner
Ireland
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Insight
25 January 2023
Ireland
At the end of 2022, the Central Bank published its macroprudential policy framework for Irish property funds which includes leverage limits and regulatory guidance to avoid liquidity mismatch.
Alternative Investment Fund Managers of Alternative Investment Funds that are domiciled in Ireland will be in scope, provided they invest 50% of more of their assets directly or indirectly in Irish property, and are authorised under domestic legislation (Irish Property Funds).
The introduction of these measures highlights that Irish Property Funds have become key participants in the commercial real estate market – the Central Bank policy framework confirms that they held approximately €22.1bn of Irish property at mid-2022. The aim of the policy is to strengthen resilience in the property fund sector before adverse shocks occur.
Leverage limits
A 60% leverage limit on the ratio of a property funds' total debt to total assets has been introduced. This limit will be tested annually and will encompass all sources of debt (including shareholder loans, bank debt and non-bank lender funding).
Regulatory guidance
The Central Bank guidance requires Irish Property Funds to provide for a liquidity timeframe of at least 12 months. The reason for this is stated to be the illiquid nature of property assets and the outcome is that Irish Property Funds may need to extend their notice and/or settlement periods to better align with the liquidity profile of their assets.
Key points to note
Speak to experts in Ogier Leman's Banking and Finance team to learn more.
Laura Holtham
Partner | Legal
Ireland
Laura Holtham
Partner
Ireland
Ogier is a professional services firm with the knowledge and expertise to handle the most demanding and complex transactions and provide expert, efficient and cost-effective services to all our clients. We regularly win awards for the quality of our client service, our work and our people.
This client briefing has been prepared for clients and professional associates of Ogier. The information and expressions of opinion which it contains are not intended to be a comprehensive study or to provide legal advice and should not be treated as a substitute for specific advice concerning individual situations.
Regulatory information can be found under Legal Notice
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