Property body puts up €200,000 for case against state

A GROUP of property developers and investors have pledged to provide up to €200,000 to support a landmark legal case against the state to highlight the past government’s role in overseeing reckless lending by financial institutions.

The Irish Property Council yesterday launched a campaign to find a suitable individual to act as plaintiff in a test case before the High Court.

The IPC believes a successful legal challenge could force the state to acknowledge its role in a situation which has left thousands of property owners in negative equity and force it to provide a solution to the problem.