cerberus ulster bank

ULSTER Bank has sold a major property loan portfolio to US investors Cerberus. It is not known how much Cerberus paid Ulster Bank for the distressed loans, which have a face value of €2.5 billion and contain 900 owner-occupier mortgages. Financial Services Union (FSU) officials met Ulster Bank chief executive Jane Howard on Wednesday to discuss the uncertainty over the company’s future. The Irish Times reported on Friday that the lender’s UK parent is considering the matter as it actively considers exiting the market. This is how it built its Irish empire In a major report, we investigate the vulture fund's 52 Irish companies to unveil the property … Ulster Bank sells on '˜bad' farm debt to Cerberus A number of farms in Northern Ireland are amongst businesses who have had their '˜bad' debts sold on by Ulster Bank. “A decision to close the bank would have a devastating impact, economically, socially and individually, on customers, communities and staff.”, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on WhatsApp (Opens in new window), Click to share on Pinterest (Opens in new window), Click to share on Skype (Opens in new window), Click to share on Tumblr (Opens in new window), BREAKING: Sanwo-Olu Shuts Down Schools Indefinitely, Directs Civil Servants To Work Remotely, Kankara Boys: Buhari’s Spokesman, Garba Shehu, Apologises For Misinformation, US Vice President Pence Receives COVID-19 Vaccine, Buhari’s Administration Will Do Everything To Prevent Repeat Of School Abductions – FG. Royal Bank of Scotland Group, Ulster Bank’s parent company, has announced this morning that Cerberus … It was reported in the Irish Times that Cerberus Capital Management, a major buyer of distressed loans post-crash, is considering an approach for the Ulster Bank loan portfolio if the bank exits the Irish market. Prior to joining Cerberus in 2015, Mr. McCluskey was the Head of High Exposures in the residential mortgages recovery unit of Bank of Ireland plc with responsibility for work out and restructuring exposures on a large distressed portfolio. Sankaty Advisors, the affiliate of Bain Capital which has been assembling a portfolio of mid-range hotels through a series of distressed loan purchases, has acquired Project Coney from RBS subsidiary, Ulster Bank.. Your Web Browser may be out of date. Cerberus paid £1.1bn for Project Aran which has an unpaid loan balance of c£6bn. Last month, NatWest said its strategy to grow the bank's business in Ireland organically and safely remains unchanged but is under review. Ulster Bank, the Irish division of the Royal Bank of Scotland, confirmed that it is to sell a number of non-performing loans (NPLs) to private equity firm Cerberus. Reports that US investment firm Cerberus is considering an approach for Ulster Bank’s €20.5 billion loan book in the Republic have been described as … reduced payment plan) what happens when that plan expires? A spokeswoman for Ulster Bank’s owner NatWest said, however, that no talks were taking place with Cerberus. Last autumn, Ulster Bank announced that it had sold 900 owner-occupier mortgages, which are on the brink of repossession, to US investment firm Cerberus. VP Pence gets a jab as Moderna vaccine nears US approval, Solskjaer relishing renewed hostilities between Man Utd and Leeds, Imo Govt Approves Forensic Audit Of State Varsity Over Corrupt Practices, Four Charged In India For Gang Rape And Murder, Atiku inaugurates campaign support groups ahead of 2023 presidential election, Burundi’s Ex-President, Pierre Buyoya Dies Of Coronavirus, North Korea Executes Fishing Fleet Captain For Listening To Foreign Radio While At Sea. For a better experience use Google Chrome, Firefox or Microsoft Edge. The Financial Services Union (FSU) has said reports that a vulture fund is considering purchasing a €20.5bn loan book from Ulster Bank are 'gravely concerning'. "I know that it can be distracting but I would ask that you please stay focused on serving our customers well," she added. "In the event of any changes being made to our strategy, these would be undertaken with full consideration of any impact on customers, colleagues and shareholders in the first instance," it said in a statement. Learn more. Responding to reports that it was considering winding down Ulster Bank's operations here, NatWest said it continues to evaluate the impact of Covid-19 and the challenges to the economy. Cerberus paid £205m for the portfolio, called Project Rathlin, which had a face value … Ulster Bank has sold its €2.5bn 'Project Oyster' book of problem loans to Cerberus - the buyer of Nama's controversial Northern Ireland portfolio. Between 2009 and 2012, Mr. McCluskey … Read more “However, she confirmed there is an ongoing review of all bank strategy.”. The Irish Times reported on Friday that the lender’s UK parent is considering the matter as it actively considers exiting the market. 2) Can they remove you from a tracker? An Ulster Bank spokesperson said: “Ulster Bank can now confirm that it has agreed terms for the sale of a portfolio of non-performing mortgages of c€1.4bn, as announced for sale in May to a purchaser managed by affiliates of Cerberus … Buyer of Nama's NI loan book Cerberus is bidding for Ulster Bank's portfolio 97 ratings rating ratings . Media reports have suggested that Ulster Bank's parent group NatWest is in talks with Cerberus to buy its loan book, which is estimated at €20.5 billion. The loans, part of the Project Oyster loan portfolio, are related to properties in both the Republic of Ireland and Northern Ireland. RTÉ is not responsible for the content of external internet sites. "There are no talks taking place with Cerberus," a spokesperson for NatWest, which owns Ulster Bank, said today. Cerberus was a major buyer of Irish distressed debt after the financial crisis. 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