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Finance Ireland

  • BY: Andrew Hore |
  • POSTED: 22/02/2008 |

Tough wholesale banking and mortgage securitisation markets have forced Finance Ireland to withdraw its mortgage products. 

The company says that there is “very strong demand” for its Lifetime mortgage products but it can’t get hold of the funding for them. It says the withdrawal is temporary. It continues to manage its existing portfolio and will honour any loan offers it has already issued.

Finance Ireland says it will reintroduce the mortgage products when “normal credit conditions return”.

The shares slumped 2.5p to 14.5p – that is less than two-thirds of the price they were trading at one year ago. The company has lost money since it joined Aim through a reversal into cash shell Ardent.

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