Business Irish

Friday 6 December 2019

Banks here accounted for over one third of loans sold in Europe - PwC

NAMA sells 800 apartments in Dublin for €211m
NAMA sells 800 apartments in Dublin for €211m

Donal O’Donovan

Banks here sold €28.5bn of loans in the first nine months of this year, up from just €2bn in 2013 according to new research from PwC

Ireland accounted for more than a third of the entire volume of such sales across Europe in the period. In the UK banks sold €9bn of loans in the year to the end of September.

That included €19bn of assets sold as part of the liquidation of IBRC, as well as loans sold by the likes of Nama, Ulster Bank and Lloyds.

Ulster Bank is currently in the process of selling its biggest ever portfolio of loans, the €6bn project Aran deal.

The sale of loans has become controversial over the past year – because in some cases mortgages and business loans have been sold to unregulated buyers.

The Department of Finance is currently working on measures to potentially extend protection to consumers and SMEs when their debts are traded.

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