Wednesday February 19, 2020

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

Ian Guider

Markets Editor

10th May, 2018
Ulster Bank loan sale portfolio includes 3,600 family homes. Pic: Getty

Ulster Bank is planning to offload thousands of family homes and investment properties as it bids to reduce its level of non-performing loans.

It is understood that some €900 million of loans in Project Scariff relates to primary homes with average arrears of €52,000. For the buy-to-let mortgages the average arrears figure is about €31,000. The so-called primary dwelling home element of the book has been in arrears for an average of 44 months, and...

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