€1.6bn Project Scariff likely to be Ulster Bank’s only home loan sell-off
Project Scariff, which includes 3,500 loans secured against primary homes and a further 2,900 buy-to-let properties, comes to the market at the same time as Permanent TSB is shedding a total of 18,000 loans
Ulster Bank is unlikely to sell any more residential mortgages after it completes the sale of a €1.6 billion portfolio of loans linked to family and investment properties.
The lender will slash its level of non-performing loans through the sale of Project Scariff, as the portfolio is called, from 17 per cent to about 11 per cent.
Ulster along with all other banks is under pressure from regulators to bring this figure down ...
