Bank of Ireland’s presence at today’s Allsop Space auction of distressed property begs the question: is it really open for business? Or is a just good PR so it appears to be open for business and making all the right noises ?

Cash buyers have been the predominant force at these auctions to date, but will we now see more people taking out mortgages to buy these properties? Time will tell.

The bank itself isn’t exactly promising that it will be handing out large wads of cash, but says it will be on hand today to give advice. A spokesperson for the bank said: “It offers us the opportunity to profile our range of competitive mortgage products, clearly indicate that we are open for business and to offer prospective customers the opportunity to get advice. We exhibit at relevant events on a regular basis.”

It says it gets mortgage applications for customers looking to bid at auctions, “and we look at this business the same as we look at other business – subject to normal underwriting criteria, etc.”