The unparalleled sell-off of Ireland's mortgage debt continues with no end in sight!

It was recently been reported in the media that Permanent TSB now have a strong investor interest in their Project Glas which is a very controversial portfolio of debt secured against 11,200 homes. At the same time, AIB, have confirmed that a consortium led by US distressed-debt firm Cerberus had agreed to acquire €1.1 billion of bad loans. In addition to this, the former Bank of Scotland (Ireland) is selling €5 billion of residential and buy-to-let mortgages, in a move estimated to affect more than 20,000 homeowners.

We have repeatedly informed the public that Private Equity Firms have an ever increasing influence over every corner of Ireland and this will continue to grow and grow. We really can’t emphasise enough the importance of having a plan and strategy in place should your loan be sold on to one of these Firms.

At present, statistics have confirmed that Private Equity Firms have not repossessed more houses than mainstream banks. Nevertheless, this does not mean that this will remain like this in the long-term.  It has been argued that Private Equity Firms have been preoccupied with dealing with larger loans. Therefore, please be assured that they will eventually start to deal more swiftly with distressed mortgages. As a result, you need to act today in order to be prepared for this eventuality.

We have met with hundreds of individuals who have been affected by this situation however, for whatever reason; they chose to simply ignore this issue. As a result, they now fear losing their homes due to a lack of engagement with the new owner of their new loans. Please ensure that you do not fall into this category.  It is understandable how having to deal with a new organisation can be a daunting experience however ignoring the issue will not make it go away. It is merely sweeping this issue under the carpet. 

What should I do?
Having a plan of action in place to deal a Private Equity firm is a must. Present evidence would indicate that these firms will not be around for the long-term. They are not banks. They will immediately seek one of two things from you. Either a restructure of the loan or a repossession of the property secured against the loan.

Subsequently, it is vital that you are fully prepared and have the necessary funding and plan in place to address this matter. Please do not bury your head in the sand any longer as a problem is always dealt with more effectively head on.  

It is also very important to take advice in this regard from a regulated team of debt advisors to plan for the future, and the time to act is now.

What we can do to help?
Since 2011, we have helped hundreds of families, individuals and businesses deal with issues regarding loan sales. We have been leading the way in this specific matter over the last few years. As a result, our team are more than ready to engage and assist if you have been affected by this.

We have particular expertise in dealing with private equity funds, and we would like the opportunity to share this with you.

Solutions are available and it can be quite empowering once one works out the different options open to them. Our team have significant experience in this area as we have restructured hundreds of millions of pounds worth of loans in the last seven years. 

We know what is expected and how to get you to where you want to go. In short, we WANT to hear from you today.

Private Equity Firms influence across Ireland continues to rapidly grow!

Private Equity Firms are now having an ever increasing role in relation to the mortgage market in Ireland. It has been recently reported that an estimated 40,000-50,000 mortgages are now currently owned by Private Equity firms.

This influence on the mortgage market place has been growing rapidly in Ireland since 2011 and it will only continue to grow and grow in the coming months and years ahead. Therefore, the aim of this blog is to educate you on what a loan sale to a Private Equity Firm entails so that you are fully prepared for this eventuality.

Some would argue that Private Equity Firms are not interested in negotiating with the customer to help them restructure their loans so that they're sustainable. The argument has been made that Private Equity firms simply want to acquire a discounted asset that they have bought i.e. a customer’s home.

In contrast to this, others would argue that more and more Private Equity Firms are now adapting the approach that if the customer is willing to engage and willing to pay what they can afford then they will reciprocate this engagement to attempt to achieve a long-term solution.

Based on the above, it is quite clear that in relation to this matter if you bury your head in the sand or continue to ignore any engagement with a Private Equity Firm then you have a lot to fear. However, if you have a plan in place and you are open and willing to make what can often be deemed as a sacrifice to make that plan work then you will have nothing to fear.

There is no doubt that Private Equity Firms still have a negative perception in Ireland and are often referred to as Vulture funds. However, recent statistics have shown that some are attempting to improve that reputation by now following regulatory codes, having long engagement with customers in relation to their standard financial statements and working more closely with debt solution organisations. 

In light of this, Private Equity Firms would state that this is not vulture activity but rather what a bank would do. They would also reinforce the view that they in fact do deals that the banks won’t do. Recent statistics do highlight that there are massive write-down’s being done by these Private Equity Funds which is a very promising development in this ever changing landscape.

What should I do?
Whether or not you are of the opinion that the new owner of your loan is a positive or negative development, it is vital that you have a plan of action in place to deal with them.

The business model of many Private Equity Firms is not a long-term one. They will either seek to agree a restructure of the loan with you or else they may well potentially seek to repossess your property secured against the loan.

Subsequently, please ensure that you are fully prepared and have the necessary funding in place to address this matter. Do not ignore and do not wait any longer to act on this.  We, at GDP Partnership, can’t stress the importance that you must ACT TODAY to deal with this eventuality.

It is also very important to take advice in this regard from a regulated team of debt advisors to plan for the future, and the time to act is now.

What we can do to help?
Since 2011, our loan sales team have been helping borrowers with banks.  Seven years into this journey and we are now heavily involved in a new wave of business involving loan sales and trying to help all kinds of businesses and families hold onto their properties and their livelihood.

We have particular expertise in dealing with private equity funds, and we would like the opportunity to share this with you. In the past 12 months, our team has been involved in over £150MM of refinancing deals involving private equity companies therefore we are well placed to help you in this regard.

Solutions are available and it can be quite empowering once one works out the different options open to them. Our team have significant experience in this area as we have restructured hundreds of millions of pounds worth of loans in the last seven years. We know what is expected and how to get you to where you want to go. In short, we WANT to hear from you today.

Loan Sales ripping through every corner of Ireland!

I think it’s important to state in opening this piece that Northern Ireland has also been hugely impacted by the sale of non-performing loans, by banks to private equity firms.  Over the last few months, there has been some excellent reporting and journalism in the Republic of Ireland, detailing and reporting on the fact that the sale of these loans to very wealthy private equity funds is now causing mayhem in the southern economy. 

In essence what has happened in Ireland since 2013 due to the property crash a few years earlier, banks have been off loading non-performing loans as a way to repair their broken balance sheets.  This works very well for the bank however not so good for the borrower. 

What has struck me as a professional person working in this area over the past seven years is the lack of interest in particular from the local media platforms and range of journalists on reporting on this matter, in Northern Ireland.

Ulster Bank has to date sold over £20Billion of Non-Performing Loans and in total, in Ireland alone; there has been in excess of £100bn of loan sales.  This is an incredible number, and over the next few months, this is going to increase yet again with the pending sale of Permanent TSB, AIB and more Ulster Bank loans.

My loan has been sold. What next?
An observation of this direction of travel by banks is that they appear to not only be selling impaired loans but we have also come across borrowers who have never missed a payment.  One customer of ours, in 2017, had his entire property facility sold to an American private equity firm and he had never missed a payment in his professional life. 

At the stroke of a pen, his loan was sold and he was asked to pay the loan back in full within twelve months.  In essence the tremors of a loan sale are not felt at all by the bank; however the borrower is now in a very different space.  The out-workings of the property crash and ultimate banking collapse that occurred in 2008, has meant that all kinds of loans including commercial loans, business loans, home loans amongst others have been sold to the highest bidder.

This purchaser would have bought your loan for a fraction of what was owed, and will spend the next number of months chasing you for the full amount.  This is a highly stressful environment to be in.

It’s similar to your credit card company.  If you stop paying your credit card, after a period of time the company will take a view and sell the debt.  The new owner of that debt will then spend the next number of months and years going after you for the debt plus the accrued interest.

The whole area of loan sales is now prevalent in ROI media with Fianna Fail suggesting it will bring down the government if Permanent TSB goes ahead with their proposed loan sale in the next few months.  In Northern Ireland, of course, we don’t have a government to bring down, and therein may rest some of the clues as to why this does not get more profile in this part of Ireland.

What we can do to help?
In essence, our own company, GDP Partnership, has been helping borrowers with banks since 2010.  Eight years into this journey and we are now heavily involved in a new wave of business involving loan sales and trying to help all kinds of businesses and families hold onto their properties and their livelihood.

It is certainly a huge challenge facing Irish society right now, and from a borrower’s perspective, it’s vital they take the appropriate action before it’s too late.

Already we have seen the private equity firms increase their enforcement actions both in Dublin and in Belfast and this should not be a surprise to people who have an understanding of their business models. 

Blackstone’s CEO Steve Schwarzman , who controls one of the most active funds in this space gave us all an insight into their mindset with the following contribution in the Business Insider December 2010;

"As we look at the current situation in Europe, we're basically waiting to see how beaten up people's psyches get, and where they're willing to sell assets. You want to wait until there's really blood in the streets.”

The above quote makes grim reading and it’s very obvious now given the most recent coverage of this issue in Ireland that you couldn’t really put this any better.

If your loan has been sold, you now must become a student of the process, and educate yourself on how you can retain control of your assets and your future.  It is crucial that you engage with the right professional team who have a track record of success in this space and can advise you accordingly.

Our team is highly motivated and well placed to help you do just that.

Our Loan Sales team know what is expected and how to get you to where you want to go.  We WANT to hear from you today because we WANT to help you today.

GDP PARTNERSHIP

www.loansales.co.uk

www.gdpequityexperts.co.uk

Hope on the horizon in fight against unregulated Irish Loan Sales

It was recently been reported in the media that Permanent TSB instructed Ernst & Young to begin the formal sales process of a project involving the sale of a €4 billion non-performing loan portfolio to unregulated funds. This project was to be known as Project Glas.

Among Ireland’s list of bailed-out banks, Permanent TSB has the highest ratio of non-performing loans. Over the past few years, there has been increased pressure from the European Central Bank on the likes of Permanent TSB and others to come up with credible strategies to reduce these levels of non-performing loans.

Not surprisingly, however, this prospective loan sale has been challenged within the Irish Government from opposition party Fianna Fáil who has stated that it will not stand for the sale. They intend to bring a bill to the Irish Parliament next week to insist that distressed bank loans can be sold only to regulated funds.

If the Fine-Gael led minority government insists that everything is fine, and that there is no need to extend regulation to Private Equity funds then a political crisis could well be on the cards. Fianna Fáil insists that there are alternative options that Permanent TSB and other banks should go down. These banks could sort out the loans themselves rather than outsourcing the problem to a Private Equity fund. Alternatively, all distressed mortgages could be offered at the same knock-down price to local authorities who could ensure that all families can stay in their homes and aspire to buy them back in time.

This is positive news in relation to the status of current loan sales in Ireland and there is real hope going forward that positive change could be implemented as to who loans can be sold on to. As present, unregulated Private Equity funds are not bound by the same Central Bank rules as other banks which we, at GDP Partnership, find totally unacceptable.  

What should I do?
If you are unfortunate enough to be involved or due to be involved in a loan sale, you need to very quickly get a plan of action together to present to your new creditor. Do no wait any longer. This is too IMPORTANT an issue to ignore.

It is really essential that you are fully prepared and have the necessary funding in place to deal with potential enforcement of loans, calls on personal guarantees and asset sales. It is important that you ACT TODAY to deal with this eventuality.

With a Private Equity Company now taking the lead, engagement with the borrower will no longer be pedestrian in nature and difficult to make progress with. They will be in contact with you within the first couple of weeks in an effort to determine what your plans may be. Therefore, it is ESSENTIAL that you are fully prepared

Subsequently, it is very IMPERATIVE to take advice in this regard from a regulated team of debt advisors to plan for the future.

What we can do to help?
Since 2010, our Loan Sales team, as part of the GDP Partnership family, have had particular expertise in dealing with private equity funds, and we would like the opportunity to share this with you.  As a result, our team are more than ready to engage and assist if you have been affected by this.

We would like the opportunity to share this with you. As a result, our team are more than ready to engage and assist if you have been affected by this.

Our Loan Sales team know what is expected and how to get you to where you want to go.  We WANT to hear from you today because we WANT to help you today.

Loan Sales now in excess of €100 Billion

It has recently been published that Cerberus, the US vulture fund at the centre of a controversy over its Irish dealings, has now closed a deal with AIB for €300 million worth of toxic debt. The term “Vulture Fund” came into the public eye when the Banks started selling their loans to companies like Cerberus, which allowed them to collect the debt in full from the individual.

Unfortunately, this is nothing new as the age of the Vulture Fund industry in Ireland began in 2011, with the sale of €400m of loans by Bank of Scotland.

By 2013, we had seen the emergence of whole loan residential mortgage portfolio trades. Since then massive sales by Nama, IBRC's liquidators and Ulster Bank all added to this trend. To date, Ireland has now witnessed completed portfolio trades of well in excess of €100 Billion.

A borrower with a mainstream bank might be given some credit for being a loyal customer however absolutely no credit is given for such loyalty by a vulture fund. Therein lies the problem. The challenge here is that with the liquidity problem in our market place, it is going to be very difficult for the borrowers to refinance their loans at this time. The result of this will be that many of the assets and businesses within this portfolio will likely have to be sold resulting in many of the borrowers losing what they have been working for and towards for many years. 

What should I do?
If you are unfortunate enough to be involved or due to be involved in a loan sale, you need to very quickly get a plan of action together to present to your new creditor.

It is essential that you are fully prepared and have the necessary funding in place to deal with potential enforcement of loans, calls on personal guarantees and asset sales. It is important that you ACT TODAY to deal with this eventuality.

With a Private Equity Company now taking the lead, engagement with borrower will no longer be pedestrian in nature and difficult to make progress with. They will be in contact with you within the first couple of weeks in an effort to determine what your plans may be.

Subsequently, it is very important to take advice in this regard from a regulated team of debt advisors to plan for the future, and the time to act is now.

What we can do to help?
Since 2010, our Loan Sales team, as part of the GDP Partnership family, have had particular expertise in dealing with private equity funds, and we would like the opportunity to share this with you.  As a result, our team are more than ready to engage and assist if you have been affected by this.

In the past 12 months, our team has been involved in over £150M of refinancing deals involving private equity companies therefore we are well placed to help you in this regard.

Solutions are available and it can be quite empowering once one works out the different options open to them. Our team have significant experience in this area as we have restructured hundreds of millions of pounds worth of loans in the last seven years. We know what is expected and how to get you to where you want to go. In short, we WANT to hear from you today.

The Tidal Wave of AIB's Project Ocean Loan sale

AIB have now kick-started a system-wide review of its non-performing loan book, including thousands of family home loans, code-named Project Ocean. It comes as the lender brings its second book of non-performing debt, Project Redwood, to market. AIB are claiming that they are being left with few options to deal with a cohort of borrowers who they claim have been deemed non-cooperative. These borrowers have apparently simply stopped servicing the debt on their family home mortgages, some over a period of many years and the bank claim they have little other choice but to proceed with a loan sale.

It could be argued, however, that based on our experience it maybe in fact the bank itself who may not have engaged in a process to deal with many of these unfortunate debt positions, their customers find themselves in. 

We have certainly noticed a very unwelcome trend developing within AIB over the last few years, where on many occasions it was the bank that appeared to not be in a position to deal with the thousands of borrowers who have fallen into arrears and are in negative equity. It is widely known that like most of the Irish banks, AIB have had many issues to deal with around their non-performing loan books in recent years.  In terms of our own experiences at GDP, we have found it particularly difficult with the constant turnover of staff, having difficulty finding someone to make a decision internally, and often a very unsatisfactory, even unprofessional level of customer service.

A particularly bad experience our own firm had in recent times, which is representative of many of our experiences, concerns a young professional couple we were representing who lived in Dublin. For three full years we did all we could to reach an agreement on an investment property shortfall sale scenario, however still to this day that young family are in significant amounts of anxiety and distress due to an unsecured debt owed to AIB for some €200,000.  The case specifics are straight forward in that we agreed with the bank that the investment property had to be sold, and in doing that we would reach an agreement with the bank on the shortfall amount thereafter. Allowing both bank and customer to get on with their lives.

Our client agreed to all of the requests by the bank and provided the information required which we were led to believe would allow the bank to reach some form of agreement on the shortfall position.  Post the sale of the property and several offers on the shortfall, this continued to be turned down.  However, over the last eighteen months, we have submitted several offers and as of today still no agreement.  In fact it looks now, given what we know of the banks current policy which allows them to deal with their NPL’s via loan sales, this case and many others will be flipped into one of these transactions.

This is most unsatisfactory and extremely disingenuous as many customers who find themselves in this position have been fully cooperative with the bank up to now, helped the bank mitigate shortfalls, and it would be accurate to suggest now factually mislead as they find our their loan is to be sold to a third party.

We are very aware of the banking model over the last few years for them to dispose of their NPL’s via loan sales, however for the most part this comprised commercial loans.  It is only in the last twelve months we are seeing a new trend by Irish banks where they are now going to be also selling private home loans to unregulated private equity funds.  This development is alarming and given our own experience dealing with all of the parties in this space, it is certainly not great news for borrowers.

What can I do now?
If you are an AIB / First Trust Bank account holder (or any other bank) and you fear your loan is about to be sold, it is now imperative that you take action and look at all of the options that might be open to you. 

ASK FOR HELP - Try not to wait any longer, if your loan is to be included in this sale, simply ASK FOR HELP NOW.

It is very important to take advice in this regard from a regulated team of debt advisors to plan for the future.

What we can do to help?
Since 2010, our Loan Sales team, as part of the GDP Partnership family, have had particular expertise in dealing with private equity funds, and we would like the opportunity to share this with you.  As a result, our team are more than ready to engage and assist if you have been affected by this.

Solutions are available and it can be quite empowering once one works out the different options open to them. Our team have significant experience in this area as we have restructured hundreds of millions of pounds worth of loans in the last seven years.  We know what is expected and how to get you to where you want to go.  In short, we WANT to hear from you today.

GDP Lead The Way In Loans Sales Market

The banking and property landscape has been literally turned upside down in the last twelve months with over £10bn of loan sales occurring in Northern Ireland alone and double that if you count the Republic of Ireland.  Lets be clear – this is new territory for all of us professionals including banks, estate agents, solicitors and borrowers.

The big question we are now getting every day though as we see the out workings of the Ulster Bank trades is what happens next?

It’s very straightforward actually.  The private equity company who now owns your loans, whom you have to repay, will sit back and employ a team of people to look after and manage the loan book.  This team of people will contact you the borrower, arrange a meeting and ultimately give you a short period of time to produce a repayment proposal.  It’s a very direct process and you must have a plan in place or the company will enforce on the security and threaten you with bankruptcy.  In short it’s a very worrying time if you are in this spot, and is putting many people we are seeing over the edge.

At GDP we have been monitoring  and preparing for this development over the last two years and we now our own plans in place as a company to help people who are in this position.  Both James and I have spent considerable time trying to encourage investors and capital partners to come to this part of the world to help refinance those borrowers who need to exit their private equity positions.  Thankfully our prep work is now paying off, as over the last twelve months we have been able to refinance over £130,000,000 worth of property debt away from private equity hands.

Make no mistake, Cerberus, Loanstar, Blackstone, Goldmans and the rest are only here for a short time.  They have bought loan books at huge discount and they are trying to make a huge profit on them and get out of here asap – that’s their business plan.

If you’re a borrower, its important you take advice in this regard and if you have a professional team acting for you I would suggest you ask them what successes they have had in this area. 

There is one thing sitting in a meeting with a private equity company representing a borrower, its another matter entirely, understanding the process, having a capital partner at hand to bring into play and ultimately settling with the private equity business.

At GDP we walk the talk and in the last few weeks we have been instructed to represent a number of borrowers with loans in excess of over £50,000,000.

Loan Sales are big business, however it’s a fine line between getting a successful outcome for your client and failing miserably.  Make sure you pick the right team when you are planning on moving forward. 

 

Conor Devine MRICS

 

 

GDP Capital assists Major Refinance of Killultagh Estates

Belfast based GDP Capital has confirmed that they’ve assisted property developer Frank Boyd refinance loans that were held by the Cerberus Investment Fund.

As the lead advisory and source finance team on the project, GDP Capital, was instrumental in the refinancing of Killultagh Estates and associated firms with new property lender London based ICG Longbow. Cerberus had taken control of the loans last year as part of the £1.2Bn purchase of NAMA’s Northern Ireland loan book.

James Gibbons, Principal of GDP Capital, said, “We are delighted to assist Frank Boyd and his team at Killultagh Estates and associated firms refinance. This is a very positive sign that there is access to finance for companies and that property investors can retain control of their loans which have been acquired by private equity funds from our banks and NAMA.

“Over £30Bn of property loans were traded in Ireland last year, and it is essential that there are new and creative financial platforms to assist borrowers refinance their positions. GDP Capital has been able to do that on this occasion.”

GDP Capital is part of GDP Partnership which was formed in 2011 and with offices in Belfast and Dublin They provide a number of services including debt advisory, real estate, and corporate finance.

 

James Gibbons LLB

Principle GDP partnership

Loan Sales Dominate Real Estate Markets

Selling loans is a great way for banks to get their balance sheets in order in a very short timeframe.  We all understand this must happen for them to be in a position to lend again and certainly in the last few months we have seen some evidence that the banks are now looking to lend money again, which is a positive for the economy.

However, one group of people who I feel has largely been ignored in this exercise are the actual borrowers who are responsible for the loans...

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Cerberus Flying High in Loan Sales Market

Since 2013, Cerberus has bought 20 European loan portfolios to become the biggest buyer of non-performing loans in Europe. Lone Star and Blackstone have also been active, buying loans worth €20bn and €10bn respectively in the last 2.5 years. Each of these companies would have paid a fraction of the face value of the loans as bad banks eagerly sell them to repair their balance sheets.

There are now several major players in the loan sales market, but Cerberus are now the most active player in Ireland and the UK. Last week, Cerberus bought £550m worth of RBS loans for 41% of their value, and in December, they acquired £4.8bn in Irish RBS loans for 23% or their value.

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Lloyd's Exit From Ireland Complete

This week, it was announced that Goldman Sachs and CarVal Investors have won Lloyd's Project Poseidon, paying £827m (€1.18bn) for the commercial property loan portfolio. Project Poisedon was comprised of around 5,000 loans from about 3,500 borrowers, 80% of which were secured by Irish assets, 18% in Northern Ireland. 

This trade was Lloyd's Banking Group's last Irish commercial property loan portfolio, and completes the bank's withdrawal from commercial property lending in Ireland. The Group will now have less than £30m of exposure to Irish commercial assets, a minimal amount compared to the exposures the banking group once represented.

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Loan Sales Continue to Dominate Real Estate Markets

Loan sales continue to be big news in the UK and Ireland of late, with the announcement yesterday that Ulster Bank has completed the sale of Project Finn – another £1.3bn of property loans now officially off their books. However, these loan sales are not unique to the island of Ireland. All across Europe, loan sales are part of a wider European trend involving major banks and private equity firms from across the pond, and it looks like this trend is set to continue for the foreseeable future.

Throughout Europe, performing and non-performing loan portfolios are being sold by asset management agencies (AMAs) set up by European governments to liquidate the ‘bad’ assets of national banks. Entities such as Ireland's infamous NAMA and the UK's Asset Resolution Limited (UKAR) are only two of the AMAs involved. The largest ten such organizations in Europe represent a combined non-core real estate exposure of some €233bn, so there are a lot of loans potentially up for sale to private equity firms and other investors.

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Aviva Set to Sell 1,020 UK Loans

Over the past few weeks, we've been keeping abreast of the recent loan sales happening across the UK and Ireland, including NAMA's Project Maeve and Project Albion. There is seemingly no end to the number of portfolios up for grabs, as UK life insurer and pensions provider Aviva is set to sell its Project Churchill UK loan portfolio.

Aviva has been searching for a buyer for the £2.7bn Project Churchill portfolio, having narrowed the number of potential buyers from five down to three finalists. Apollo Global Management, Lone Star, and Cerberus Capital Management are all in the running for the legacy UK commercial property loan portfolio.

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Project Albion - Nama Sells Loan Book For £115m

Hot on the heels of the announcement yesterday that NAMA had sold Project Maeve to Deutsche Bank, news is breaking today that Oaktree Capital Management has won NAMA’s Project Albion, paying circa £115m for the bad bank’s first-ever multi-borrower loan portfolio, secured by predominantly UK commercial properties.

The purchase price, at just below £115m, reflects around 51 pence in the pound for the Project Albion non-performing loan portfolio (NPL), which had an original principal balance of £226m.

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We Need a Strong Banking Sector

Ross McEwan, head of Ulster Bank's parent, Royal Bank of Scotland, held an exclusive with the paper where he talked about the improvements that have been made to Ulster Bank in recent years, all to the benefit of the customer.  Profitability will follow, which is great, and what any business should be about in any case. So it was great to hear a positive interview, as we do need a strong banking sector if we are to make progress in Northern Ireland.

However, it was his comments in relation to Ulster Bank's recent loan book trades to Cerberus that reminded me of Pontius Pilate...

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Deutsche Bank Wins NAMA’s Project Maeve, Paying €97m For Loan Portfolio

The loan sales market continues in Ireland as today NAMA has confirmed the sale of Project Maeve to Deutsche Bank.

Deutsche Bank has been selected as the preferred bidder for NAMA’s €785m Project Maeve, paying around €97m for Galway based property developer Gerry Barrett’s loan portfolio.

Pricing reflects approximately 12 cents in the euro or an 88% discount on the original principal balance, which is indicative of the portfolio’s poor performing assets. 

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Bank Loans: What’s For Sale?

The  trend of banks selling off non-performing loans to repair their balance sheets to private equity firms continues in the UK and Ireland. Major loan sell-offs are underway from the National Asset Management Agency (NAMA) and Ulster Bank.

NAMA is moving forward with Project Maeve, Project Jewell and Project Arrow. These loan portfolios together represent over €2 billion in Irish assets.

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SOS! Wall Street in Ireland

"S.O.S. Wall Street rapes Ireland." These words currently sit high above Belfast laid out on the side of a mountain, aptly reflecting what some people In Northern Ireland are now thinking. One wonders if Stormont and the politicians are sleeping. I’ve heard the phones are broken on the hill, so we know they are not physically talking to anyone, let alone those in the business community. 

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Ulster Bank - Resilience!

I've read with interest the most recent article by Ross McEwan, head of Ulster Bank's parent, Royal Bank of Scotland. He did an exclusive interview with the Belfast Telegraph, talking about the improvements that have been made to Ulster Bank. He expounded the virtues of the bank and the progress that has been made by the bank over the last number of years, broadcasting that the bank is now profitable again. To quote Mr McEwan, "We are aligning the business again. It should be the same," he says, "for businesses both north and south."

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