Ulster Bank to sell off more non-performing loans, CEO says

Ulster Bank is expected to sell off more non-performing loans in order to reach a European Central Bank target.

Ulster Bank to sell off more non-performing loans, CEO says

Ulster Bank is expected to sell off more non-performing loans in order to reach a European Central Bank target.

Representatives from the bank are appearing before the Committee on Finance, Public Expenditure and Reform today.

Ulster Bank CEO Jane Howard admitted that more work needs to be done to bring down its number of non-performing loans.

She says it is expected that the loans will be sold off by the end of this year.

However, Ms Howard said the ECB target of reducing the stock of bad loans to 5% will not be reached until next year.

She said that the bank has reduced its stock of non-performing loans to 10% and that they are "committed to rebuilding trust with our customers and with Irish society".

The bank said €297m has been set aside split "roughly 50-50" between operational costs and paying redress to customers affected by the tracker mortgage scandal.

Chief Financial Officer Paul Stanley says about €120m has been paid out to customers as of the end of March.

Sinn Fein's Finance Spokesperson Pearse Doherty accused Ulster Bank of feeding their customers "to the vultures".

He told Ms Howard: "You know fine well that these were non-performing loans, that doesn't mean they weren't being paid, it means they (customers) weren't able to pay their full amount, it means they were in arrears.

"The idea of any bank saying 'clear your arrears within 30 days or we are taking your property' is absolute madness, and that's what you've done to 2,200 customers," he said.

You can watch the committee live here:

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