Ulster Bank offloads €800m of toxic mortgages

Ulster Bank offloads €800m of toxic mortgages
Ulster Bank said the loan sale "following a period of concentrated engagement with customers"

Pepper Finance buys Project Deenish portfolio of about 3,200 non-performing loans

 

Ulster Bank has agreed the sale of a €800 million non-performing loan portfolio to vulture fund in the latest disposal of toxic mortgages by a bank.

 The bank said that Pepper Finance will become the legal owner and servicer of the loans, with the purchase funded by Carval, the investment fund manager.

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