RBS's Ulster Bank offloads 1.4 billion euros of bad loans
Reuters
Published Aug 13, 2018 15:21
RBS's Ulster Bank offloads 1.4 billion euros of bad loans
DUBLIN (Reuters) - Royal Bank of Scotland's (L:RBS) Ulster Bank said on Monday it had agreed to sell 1.4 billion euros (1.3 billion pounds) of non-performing mortgage loans to an affiliate of U.S. fund Cerberus, the latest such deal by an Irish lender.
Irish banks are still grappling with large stocks of legacy bad loans a decade after a severe property crash. Permanent tsb (I:IL0A) and Allied Irish Banks (I:AIBG) recently sold similarly sized portfolios, the latter also to Cerberus.
Ulster Bank said the portfolio, split almost evenly between investment property loans and home loans, did not contain any performing home loans or any belonging to homeowners who had reached an arrangement with the bank to get back on track.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.