€2.5bn ex-Anglo loans to be sold

The special liquidators appointed to the former Anglo Irish Bank have agreed to sell most of the €2.5bn loan book know as Project Evergreen.

About 85% of the loan book will be sold with the remaining 15% transferring over to Nama. A spokesperson for the special liquidators said there was strong interest in the loans with bids exceeding commercial valuation received on the loans sold.

“There was strong market interest in the process which was designed to maximise value and resulted in competition among bidders for the acquisition of the various loan assets in Evergreen. The special liquidators are pleased with the outcome thus far which reflects the market interest that has been evident since the commencement of the special liquidation,” the spokesperson said.

Project Evergreen was made up of Irish commercial loans with a par value of €2.5bn with 50 borrower connections.

Minister for Finance Micheal Noonan said he was pleased with the outcome of the process.

“This is a very successful outcome for the special liquidators and given the sale included Irish corporate loans it provides further evidence of the strong confidence of international investors in the Irish economy and its future prospects.

” I am pleased with how the special liquidation is progressing and these sales to third parties will help to reduce the total amount of assets to transfer to Nama,” he said.

Anglo Irish Bank eventually cost taxpayers some €30bn in the financial crisis, almost one-fifth of the country’s annual output, and three former executives will go on trial next year on fraud charges.


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