Meáin Náisiúnta Seirbhíse Poiblí na hÉireann. However, a spokesperson for Ulster Bank … In late 2014 it was announced that Cerberus had purchased Ulster Bank’s giant non-performing Project Aran loan book. "I believe there needs to be a statement of clarity issued sooner rather than later to address this vacuum in terms of information," Mr Kissan said. Visit a page 5. Responding to reports that it was considering winding down Ulster Bank's operations here, NatWest said it continues to evaluate the impact of Covid-19 and the challenges to the economy. © RTÉ 2020. Bank of America Merrill Lynch analyst Alastair Ryan highlighted in a recent note to clients that NatWest may be able to release £1.52 billion (€1.68bn) by exiting the Irish market. Reports that US investment firm Cerberus is considering an approach for Ulster Bank’s €20.5 billion loan book in the Republic have been described as “gravely concerning” by the Financial Services Union. By The Newsroom. “Ulster Bank has a long association with its customers and communities across Ireland, and plays a key role in personal, business and digital banking. Add collection 200. by Rebekah Russel. RTÉ.ie is the website of Raidió Teilifís Éireann, Ireland's National Public Service Media. Ulster Bank has sold its €2.5bn 'Project Oyster' book of problem loans to Cerberus - the buyer of Nama's controversial Northern Ireland portfolio. Learn more. Cerberus Capital Management has won Ulster Bank’s giant Project Aran non-performing loan portfolio and National Australia Bank’s Project Henrico, completing a sweep of four major commercial real estate (CRE) loan portfolio wins in the last week. It is understood that Cerberus, among the most aggressive buyers of distressed loans in Ireland and across Europe in the past six years, is assessing the possibility of bidding for Ulster Bank’s entire loan book should NatWest decide to put the business into wind-down. If you are using Internet Explorer 9, 10 or 11 our Audio player will not work properly. A spokesperson for Ulster Bank declined to comment on Hall’s claims. Cerberus Capital Management has won Ulster Bank’s giant Project Aran non-performing loan portfolio and National Australia Bank’s Project Henrico, completing a sweep of four major commercial real estate (CRE) loan portfolio wins in the last week. reduced payment plan) what happens when that plan expires? 3) How do they set the variable rate? Cerberus did not respond to a request for comment. Buyer of Nama's NI loan book Cerberus is bidding for Ulster Bank's portfolio 97 ratings rating ratings . ULSTER Bank has sold a major property loan portfolio to US investors Cerberus. A sale of the loan book in one transaction may be attractive to NatWest if it decides ultimately to close its unit in the Republic as it would accelerate the process and allow it to pay off depositors and extract excess capital in the business. Ulster Bank's chief executive conveyed a similar message to staff last month. Pronounce word 150. "I know that it can be distracting but I would ask that you please stay focused on serving our customers well," she added. The US investment fund Cerberus has agreed to buy another portfolio of property loans from Ulster Bank. Mr. McCluskey is a Managing Director for Cerberus European Servicing (CES). Royal Bank of Scotland Group, Ulster Bank’s parent company, has announced this morning that Cerberus … Read the letter issued to the Board of Directors in NatWest; FSU Press Release launching the campaign. “It supports our farming sector and small and medium enterprises in their growth, and as such plays a vital role in our economy. The Covid-19 economic crisis is expected to result a spike in non-performing loans (NPLs) across the sector. The Irish Times reported on Friday that the lender’s UK parent is considering the matter as it actively considers exiting the market. The Financial Services Union described the report as "gravely concerning". Ulster Bank sells on '˜bad' farm debt to Cerberus A number of farms in Northern Ireland are amongst businesses who have had their '˜bad' debts sold on by Ulster Bank. Last autumn, Ulster Bank announced that it had sold 900 owner-occupier mortgages, which are on the brink of repossession, to US investment firm Cerberus. NatWest ‘all options are on the table’ *Update 16/10/2020* Reports in today’s Irish Times that Cerberus Capital Management is assessing the possibility of an approach for Ulster Bank’s €20.5 billion loan book is gravely concerning. "Our priority now is to continue to remain focused on supporting our customers and colleagues in these difficult times," it added. Financial Services Union (FSU) officials met Ulster Bank chief executive Jane Howard on Wednesday to discuss the uncertainty over the company’s future. “However, she confirmed there is an ongoing review of all bank strategy.”. RTÉ is not responsible for the content of external internet sites. It provides local jobs for 3,000 people in towns and cities throughout the island of Ireland, some 2,400 of which are in the Republic of Ireland, through its 88-strong branch network,” said FSU general secretary John O’Connell. Ulster Bank sells on '˜bad' farm debt to Cerberus A number of farms in Northern Ireland are amongst businesses who have had their '˜bad' debts sold on by Ulster Bank. "There are no talks taking place with Cerberus," a spokesperson for NatWest, which owns Ulster Bank, said today. The Irish Times reported on Friday that the lender’s UK parent is considering the matter as it actively considers exiting the market. Media reports have suggested that Ulster Bank's parent group NatWest is in talks with Cerberus to buy its loan book, which is estimated at €20.5 billion. Cerberus is a potential buyer for Ulster Bank’s loan book in the Republic. Reports that US investment firm Cerberus is considering an approach for Ulster Bank’s €20.5 billion loan book in the Republic have been described as “gravely concerning” by the Financial Services Union. The loans in Ulster Bank’s “Project Aran” portfolio, which have a combined face value of £4.8bn, were sold to Cerberus for just £1.1bn. While there has been speculation in Dublin financial circles that a decision could be made in October, it is understood that it will take longer. Cerberus Business Finance is a premier middle-market direct lending platform offering one-stop financing solutions to private equity sponsors and leading businesses since 1995. A total of 95 per cent of the mortgages are two years or more in arrears, while all of the loans are the subject of legal action by the lender. Perhaps Central Bank deputy governor Ed Sibley was stating the obvious. As well as its previous purchase of Ulster Bank loans, Cerberus bought the entire Northern Ireland loan portfolio of the Irish government's National Asset Management Agency (Nama). The London-based group said as a result, it is reviewing its strategy appropriately and responsibly in light of these events. This is how it built its Irish empire In a major report, we investigate the vulture fund's 52 Irish companies to unveil the property … “It has also been reported that the US vulture fund Cerberus is planning to buy Ulster Bank’s entire €20.5 billion loan book. "The consequences of closure, should it occur, will have wide reaching effects on many sectors but most especially businesses, small and large who hold a banking relationship with Ulster Bank. A request for comment paid £1.1bn for Project Aran loan book in the Republic of Ireland and Ireland! The Bank 's portfolio 97 ratings rating ratings sales- Cerberus Capital management will manage facilities and Ulster. 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