Telephone: 0330 159 5820

Archive for December 2014

Cerberus wins Ulster Bank’s giant Project Aran and NAB’s Project Henrico

Cerberus

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. Royal Bank of Scotland Group, Ulster Bank’s parent company, has announced this morning that Cerberus has paid £1.1bn (€1.38bn)…

Read More

ECB belatedly looks to reign in liquidity assistance

mortgages and loans

The European Central Bank (ECB) is considering tightening the secretive emergency liquidity assistance (ELA) regime that allowed the Central Bank here to extend vast amounts of debt to Irish banks during the crash. ELA is a form of emergency funding that allows national central banks, including ours, to directly create and pump cash into struggling…

Read More

Early interest rate rise a huge risk, BCC warns

A premature interest rate rise could present a “huge risk” to the British economy, the British Chambers of Commerce (BCC) has warned. The business lobby group said the UK’s dependence on consumer spending and mortgages meant it was “particularly sensitive” to interest rates. The warning came as the BCC trimmed its growth forecast for 2014…

Read More

Interest rate rises ‘won’t wreck the recovery’

UK interest rates

The implication of the Bank of England’s new assessment of household indebtedness is that a modest rise in interest rates would not sink the economy, but would be acutely painful for hundreds of thousands of people. So on a day when many are asking why a rich country such as the UK has a growing…

Read More

Lloyds sells Irish mortgage portfolio to Goldman Sachs and CarVal

mortgages

Lloyds is withdrawing from its heavily lossmaking Irish operation, which had £19.7bn of net exposure at its peak in 2010. That contrasts with Royal Bank of Scotland, which recently decided to keep its Ulster Bank subsidiary, despite having lost about £15bn in Ireland since the financial crisis. The Lloyds deal, codenamed Project Parasol, was agreed…

Read More
Call Us: 0333 242 6865