The idea was applauded, but the terms and conditions raised doubts. This is how developers welcome the Prolog vehicle, which was launched by five Luxembourg banks to support the residential property market and .
At the instigation of the finance ministry, five banks–Spuerkeess, Banque Internationale à Luxembourg (Bil), Banque Raiffeisen, the Société Nationale de Crédit et d’Investissement (SNCI) and Banque de Luxembourg–have committed €250m to a special purpose vehicle (SPV), Prolog SA. The aim is to facilitate the marketing of properties that are already under construction but have been held up due to a lack of pre-sales….
