The largesse bestowed by the banks on some property developers during the boom years included trips to the Ryder Cup in Kentucky, to the Prix de l’Arc de Triomphe, and the Monaco Grand Prix.

Investment in the country’s real estate market reached record levels last year with a number of new players coming to the fore accounting for much the activity. More than €4.5bn was spent on real estate in 2014 making it the highest amount ever invested in the Irish market surpassing the previous peak by more than €900m.

Green REIT is in advanced talks with its lenders on additional debt funding, but already has a war chest of more than €320m to invest in further opportunities.