Property investor group to take Financial Regulator to court

A group of property investors and owners is preparing to take legal action against the Financial Regulator for allowing reckless lending by the banks.

They will accuse the regulator of negligence towards the Irish people in allowing Irish banks to over-expose themselves to risk of collapse in the run-up to the recession.

Paddy Fitzgerald, a director of the Irish Property Council, said the Financial Regulator must be brought to task for not overseeing practices at the banks.