Pat Farrell to leave Bank of Ireland for new property industry lobby

Outgoing head of group communications at Bank of Ireland Pat Farrell is to lead a new property industry lobby after leaving his current job.

Mr Farrell, formerly chief executive of the Irish Banking Federation (IBF), is due to leave Bank of Ireland this month.

It is understood that he will become chief executive of a new body, Irish Institutional Property (IIP), which is due to launch formally in coming weeks.

IIP will represent Dublin-listed property and construction businesses, including Green and Hibernian real-estate investment trusts and Cairn Homes.

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Its members will also include large pension-fund-backed or publicly quoted international players such as US-based Hines and Kennedy Wilson and London-headquartered Hammerson.

These organisations and their mainly overseas, long-term investors, are looking for steady returns from the Irish market rather than the boom-bust pattern that the property industry here has followed in the past.

Policies

The companies involved are said to be keen to maintain an open line of communication with Government on housing and property policies.

They are building many of the homes, offices and factories now under construction in the Republic.

Mr Farrell has broad experience of politics, before working for the IBF and Bank of Ireland, he was secretary general of Fianna Fáil, the Republic's biggest political party. He began his career with the health service.

He has been due to leave Bank of Ireland for some time. It is understood that Mr Farrell became interested in the IIP job several months ago when he read of the industry’s intention to establish the body in a newspaper.