Ulster Bank offloads €800m of toxic mortgages
Pepper Finance buys Project Deenish portfolio of about 3,200 non-performing loans
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...
Subscribe from just €1 for the first month!
All Digital Access + eReader
Unlimited Access for 1 Month
*New subscribers only
€149 For the 1st Year
Unlimited Access for 1 Year
90 Day Pass
Unlimited Access for 2 Years
Get a Business Account for you and your team
Tom Maguire: Tax changes we make now could help business for years
The way we did business a few months ago may never return – so the opportunity is to make changes that will both aid recovery and set us up well for our new futures