Bank of Ireland has agreed to sell portfolios of non-performing Irish and UK loans in two separate transactions.
The bundle of Irish loans is made up mostly of private residential and buy to let mortgages as well as a small portfolio of other non-mortgage bad loans.
After an interim period during which the legal title is transferred, the loans will be managed by Mars Capital.Under Central Bank rules, the borrowers will continue to have the same legal and regulatory protections after the sale is complete, Bank of Ireland stated. Separately, Bank of Ireland has also agreed a deal to see a tranche of non-performing mortgages in the UK.
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