Irish Life has moved to restrict investors taking money out of its €500 million flagship Irish Property Fund following a spike in withdrawals amid concerns about the outlook for the commercial property sector.“The notice period allows time to make any property sales as required to pay future withdrawals, in a way that is fair to all of our Irish Property Fund customers,” it said. “Irish Life will contact customers to tell them about the notice period.
The decision comes three years after Irish Life and a number of other life and pension firms moved to impose six-months notice periods and, in some cases, temporarily suspend withdrawals from property funds after they saw a share increase in clients pulling money at the onset of the Covid-19 crisis.
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