Jack Quann
Jack Quann

19.35 8 Oct 2019


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Ulster Bank said it has sold a portfolio of non-performing mortgages worth around €800m.

The sale was originally announced back in July.

However, the sale does not include any home loans in an arrangement with the bank.

An Ulster Bank spokesperson said: "Pepper Finance Corporation (Ireland) DAC will become the legal owner and servicer of the mortgages.

"The purchase is being financed by funds managed by CarVal Investors LLC.

"This portfolio does not contain any home loans in an arrangement."

Ulster Bank Source: Ulster Bank

The spokesperson added: "This is a difficult decision, taken following a period of concentrated engagement with customers.

"Our preference is to work with customers to find a solution that keeps them in their home while paying a mortgage that is affordable for them in the long term. This is not possible for every customer.

"For mortgages that are not sustainable, additional forbearance will not bring them back to a performing position and we are obliged to reduce the level of non-performing loans on our balance sheet.

"We take this step only as a last resort following an extensive campaign to find sustainable solutions for our customers.

"In fact, the portfolio has reduced since it was announced due to more customers entering a sustainable arrangement."

The bank has said it will be in contact with all affected customers "at the appropriate time".

Ulster Bank also said it will give customers 60 days notice of sale, as required.

Customers with queries can contact the Ulster Bank Customer Helpline on 1800-435-763.


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CarVal Investors Home Loans Non-performing Mortgages Pepper Finance Corporation Ulster Bank Ulster Bank Spokesperson

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