18pc of Ulster securitisation mortgages in arrears
Published 17/10/2011 | 05:00
MORE than 18pc of mortgages that were spun off by Ulster Bank in a €1.3bn securitisation deal were in arrears of more than 30 days by the end of August.
The new Ulster Bank trends are revealed in a report for investors who took part in the 2007 securitisation, which effectively gave them the economic interest in the mortgages' performance.
The filing shows that 13.37pc of the mortgages were in arrears of more than 90 days, while 18.37pc of the loans were in arrears for more than 30 days.
The figures were marginally worse than the end of May data, when 90-days-plus arrears were running at 13.16pc; and arrears of more than 30 days were at 17.9pc.
A spokeswoman for Ulster Bank said the figures were "not representative" of the bank's overall experience in the Republic of Ireland.
She added that the figures did not "take into account any new arrangements that have been put in place for borrowers".