Bank of Ireland moves on non-performing loan portfolio



The Bank of Ireland said today that it has agreed to securitize its portfolio of non-performing Irish mortgages.

The portfolio has a total value of around 350 million euros and includes owner-occupied and leased investment properties.

The bank said the proposed sale is expected to reduce its share of non-performing loans (NPE) from about 5.7% at the end of March to about 5.3%.

Mortgage loans included in securitization are classified as bad and have an average non-performing period of six years.

The Bank of Ireland added that most of the loans involved have been restructured and are being implemented in accordance with the restructuring agreements agreed between it and its clients.

The lender stressed that any agreed restructuring arrangements, including any alternative repayment schemes, would not change after today’s sale.

It states that the protections currently provided to clients under the codes of conduct of the relevant Central Bank of Ireland, including the Code of Conduct on Mortgage Arrears and the Consumer Protection Code, will not change.

The Bank of Ireland also said it expects to continue servicing these mortgage accounts, which means it will remain the point of contact for clients on all matters related to their loan, as is the case today.

The bank’s shares were about 5% lower in Dublin Trade Today.


Source link