Ulster Bank sells €2.5 billion of loans to US private equity fund

Portfolio dubbed Project Oyster includes 900 family home loans

10th October, 2016
Operation Oyster Pic: RollingNews.ie

Ulster Bank has sold €2.5 billion worth of under-water loans to Cerberus, the US private equity fund.

It is understood that a deal for the loans was concluded late last week. Cerberus, which has been one of the largest buyers of European Non-Performing Loans (NPLs) in recent years, has heavily bought into the Irish market via loan sales from Ulster Bank and Nama.

The portfolio of loans, for which a sales prices was not...

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