Ireland 100% better today than two years previous

(11 Nov 2012)

In todays Sunday Independent it is reported that one of Bank of Ireland's biggest shareholders, Kennedy Wilson -- a major buyer of Irish properties -- has said that the situation in Ireland has improved "100 per cent" over the last two years.

"And if you think back to when we first started looking, Ireland, as I've said, is a 100 per cent better place than it was two years ago -- both psychologically and economically," Kennedy Wilson boss William McMorrow told investors last week.

Kennedy Wilson joined with Fairfax and Wilbur Ross to buy a 35 per cent stake in Bank of Ireland last year in a €1.1bn deal. The California- based company has, with its partners, spent €3.5bn on Irish-owned assets since the downturn hit.

Last year, it hooked up with Deutsche Bank to buy a €1.3bn portfolio of loans from Bank of Ireland.

Last August, along with partner Deutsche Bank, it bought a €360m block of Irish property loans from Lloyds bank at a major discount.

For full report please go to Sunday Independent

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