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Sat 07 Jul 2009Bank's lending policy 'distorting' property market
SEANAD REPORT:THE PROPERTY market would be distorted as a result of a scandalous lending policy that had been adopted by at least one financial institution, Brendan Ryan (Labour) contended.
Bank of Ireland operated a minimum property value of about €l75,000 in the greater Dublin area when it came to approving owner-occupier mortgages, he told the House. The bank had turned away applicants for mortgages below that threshold.
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