Ulster Bank reported to be speeding up sale of remaining Irish loans
Ulster Bank is believed to be speeding up the sale of the lender’s remaining Irish loans as the UK parent, RBS decides to cut its losses and wind up its toxic loans unit early, the Irish Independent reports.
Ulster took a write-down of more than 75% when it sold off its Project Aran portfolio of loans tied mostly to Irish assets just before Christmas. The bank also dispensed with a €1.2bn portfolio known as Project Achill last year.
In its last quarterly results, RBS said that there were assets worth a nominal £2.9bn (€3.9bn) still on the balance sheet of RCR Ireland – the group’s internal bad bank.
The state bad bank has said it will sell off at least €250m worth of assets a quarter as it seeks to redeem 80% of its NAMA bonds by the end of this year – far quicker than had been originally expected.