Ulster Bank sells €2.5 billion of loans to US private equity fund
Portfolio dubbed Project Oyster includes 900 family home loans
Ulster Bank has sold €2.5 billion worth of under-water loans to Cerberus, the US private equity fund.
It is understood that a deal for the loans was concluded late last week. Cerberus, which has been one of the largest buyers of European Non-Performing Loans (NPLs) in recent years, has heavily bought into the Irish market via loan sales from Ulster Bank and Nama.
The portfolio of loans, for which a sales prices was not disclosed, includes 900 family home loans. The loanbook, which was dubbed Project Oyster by the RBS-owned lender, also include a number of loans secured on farms. The bank came into conflict with the Irish Farmers’ Association during the sales process, with the IFA hostile to any loan secured on a farm being sold.
