Ulster Bank offloads €800m of toxic mortgages

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

8th October, 2019
Ulster Bank said the loan sale "following a period of concentrated engagement with customers"

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

Project Deenish, as the portfolio is called, was put on the block by Ulster Bank earlier this year and its disposal will roughly halve the bank’s level of non-performing loans. The portfolio contains about 3,200 loans in arrears, including 2,800 secured on family homes, with the rest buy-to-let...

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