AN ORGANISATION representing property investors and developers is to take a class action in the High Court against the Government, the Financial Regulator and the banks over their roles in the collapse of the property market.
The Irish Property Council (IPC) is to outline its plans today for the court proceedings which will set out to apportion responsibility for the collapse.
It says the ruination of the property market has been caused “by the reckless lending of our banks, lack of regulation by our Government and the disregard of prudent advice on fiscal policy by the Government in power”.
The council is to invite developers, house purchasers or investors who are now “total casualties of the collapse” to put forward their names for the court action and a claim for compensation.
The IPC was set up last year to provide support for small builders, developers and investors who have run into financial difficulties following the bursting of the property bubble.
“Property owners are being ruthlessly scapegoated by Government and the banks through the court without any responsibility in this catastrophe.
Property Council To Sue State, Banks Over Collapse (Irish Times)