Finance Ireland is Ireland’s biggest non-bank lender, and it’s a company that has flourished in post-financial crisis Ireland. On Wednesday it sold a big chunk of itself to the UK asset manager M&G Investments, at a valuation of €255 million.  ISIF was among the shareholders who sold to M&G, netting a total 50 per cent return over its six-year investment.  Why has Finance Ireland thrived? The first question is, why have the legacy banks struggled since the financial crisis? Their shares trade at between 32 and 52 per cent of the book value of their assets. In other words, it…

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