The Belfry funds were sold as a “no-brainer” investment, but it became one of Ireland’s biggest financial scandals. In a two-part podcast investigation, we trace the rise and fall of AIB’s ill-fated property funds.
Several dozen Belfry investors sold “a pig in a poke” protested outside of the Central Bank this Thursday, demanding more action from the regulator to force AIB to repay their investment.
Last month, the Belfry Redress Group wrote to the Central Bank asking why some investors were refunded and others not. Now, the Central Bank wants to know more.
At long last, AIB has begun paying investors in the failed Belfry Funds, and some are even getting damages. It has been a long time coming for investors who have battled the bank for decades.
Some 2,500 investors in the bank's failed scheme were previously told to expect compensation assessments by now, but AIB has just asked them to wait another five months.
AIB has set aside €100 million to deal with thousands of legacy investors in the disastrous Belfry funds. This is what is next if you are one of 2,230 people not yet settled with.
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