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ARTICLE · 30 NOVEMBER 2022

Central Bank Announces Its Macroprudential Policy Framework For Irish Property Funds

Walkers
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As outlined in our previous advisory 'Central Bank's property fund proposals', the Central Bank of Ireland (the "Central Bank") has recently been consulting on two key proposals...

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As outlined in our previous advisory 'Central Bank's property fund proposals', the Central Bank of Ireland (the "Central Bank") has recently been consulting on two key proposals:

  • (i) a proposal to introduce leverage limits on funds domiciled in Ireland, authorised under domestic legislation, and investing over 50% of their portfolio in directly or indirectly held Irish property assets ("Property Funds"); and
  • (ii) proposed guidance relating to liquidity mismatches in Property Funds.

On 24 November 2022, the Central Bank published its (i) Feedback Statement in response to consultation paper 145 ("CP145") (the "Feedback Statement"), and (ii) Macroprudential Policy Framework for Irish Property Funds containing its final guidance on redemption terms for Property Funds (the "Guidance").Introduction of 60% Leverage Limit

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