It has emerged today that over 900 Ulster Bank customers will see their mortgages sold to prowling vulture funds.
The move will aim to offload a substantial quantity of ‘toxic assets’ from the bank, in an effort to clean up the books.
It is understood that up to €2.5bn of distressed business loans (65pc), buy-to-let mortgages and owner occupier mortgages will be sold.
These will be deposited in the hands of speculators who will asset-strip the people behind the loan as much as possible. A handy side effect for the bank is that the institution itself will no longer appear to be responsible for the inevitable repossessions, as a third party will execute the order instead.
A spokesman for Ulster Bank said: “Ulster Bank has confirmed a significant impaired loan portfolio sale enabling the bank to strengthen its balance sheet for the benefit of its customers and much needed competition in the banking market. The loans involved do not belong to typical customers, they are all in Ulster Bank’s problem debt management unit and in arrears or under specialist management for a significant period of time.”