There could be some further bad news for Ulster Bank mortgage holders as the bank confirmed that further non-performimg loans could be sold later this year.
Speaking before an Oireachtas Committee on Finance, Public Expenditure and Reform, the bank’s chief executive Jane Howard said the sale further loans may need to be made in order to meet European Central Bank guidelines.
Ms Howard told the committee that the decision to sell loans comes as the bank looks unlikely to reach the ECB’s 5% guideline for bad loans.
Although Ms Howard stated the bank will work with mortgage holders to find a solution when it comes to reducing their bad debt.
It is believed that non-performimg mortgages will be sold in order to reduce the bank’s stock of bad loans from 10 to 5%.