Bank of Ireland sells off €1.4bn in non-performing loans

A large amount of Irish distressed mortgages are now owned or managed by foreign non-bank entities or vulture funds

For Bank of Ireland, the disposals mean its exposure to soured loans will fall to 3.7% from 5.4%, it said. 

Bank of Ireland has sold off two groups of soured homeowner and landlord loans worth €1.4bn, further reducing its exposure to bad loans.     

The first deal, in Ireland, involves CarVal and Mars Capital and means the bank will sell €800m of non-performing mortgage loans belonging to homeowners and landlords, along with a small amount of other non-home loans.