AIB set for €780m loan portfolio sales
AIB is set to sell off two property loan portfolios with a par value of more than €780m. The bank - more than 99pc owned by the State - is preparing to sell the portfolios known as Project Forge and Project Hurst.
Forge is a £420m (€600m) portfolio made up mostly of UK property loans across a variety of sectors. The loans are linked to more than 150 separate borrowers.
Project Hurst meanwhile has a par value of €183m and is backed by around 100 assets including loans made by Scottish residential lender Dunbar.
The loan sale is part of AIB's programme to clean up its balance sheet ahead of a potential sale of part of the Government's stake in it next year. AIB shares slumped more than 40pc earlier this week as investors pulled out of the stock ahead of the possible sale.