Ulster Bank plans to sell off 6,500 home loans
The bank’s non-performing loans currently total 17 per cent of its overall loans and, along with other lenders, it is under pressure from regulators to slash this figure to about 5 per cent over the next couple of years
Ulster Bank is planning to offload thousands of family homes and investment properties as it bids to reduce its level of non-performing loans.
The bank has assembled a €1.6 billion portfolio of loans secured against 3,600 primary family homes and 2,900 buy-to-let properties, which have been in arrears for almost a decade. The portfolio, dubbed Project Scariff, is likely to be acquiredby a vulture fund given the level of distressed debt in it.
