Bank of America owed almost €500m by Coltrane CLO

Bank of America, one of the world’s largest financial institutions, has been left exposed for almost €500 million, through its involvement with a Dublin loan company.

Ian Kehoe - avatar

Ian Kehoe

1st March, 2008

Bank of America, one of the world’s largest financial institutions, has been left exposed for almost €500 million, through its involvement with a Dublin loan company.

The bank has appointed a receiver over the assets of Coltrane CLO, an IFSC-registered company, in an effort to secure its money. Coltrane was established in Ireland two years ago, and was involved in the securitisation of loans on European markets.

The company’s ultimate shareholder is Deutsche...

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