Ulster Bank is to sell €100m of agricultural loans. This comes as part of a total loan book sale of €2.5bn. The agricultural portion accounts for 4% and relates to farmer customers who have distressed loans and who have been in communication with the bank in the past number of months.
The agricultural loans relate to land, on-farm investments and non agri-related investments which have been under special management for a significant portion of time.
ADVERTISEMENT
The loans involved do not belong to typical customers. They are all in Ulster Bank’s problem debt management unit and in arrears or under specialist management for a significant period of time
The majority (86%) of the €2.5bn loan book sale relates to business in the Republic of Ireland, with14% relating to loans in Northern Ireland.
An Ulster Bank spokesperson said: "the loans involved do not belong to typical customers. They are all in Ulster Bank’s problem debt management unit and in arrears or under specialist management for a significant period of time.”
The deadline for engagement is 31 May, which effectively means that farmers with distressed loans are being asked to engage with the bank immediately with an alternative solution. It is understood the sale will take a number of months to conclude.
This content is available to digital subscribers and loyalty code users only. Sign in to your account, use the code or subscribe to get unlimited access.
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
CODE ACCEPTED
You have full access to the site until next Wednesday at 9pm.
CODE NOT VALID
Please try again or contact support.
Ulster Bank is to sell €100m of agricultural loans. This comes as part of a total loan book sale of €2.5bn. The agricultural portion accounts for 4% and relates to farmer customers who have distressed loans and who have been in communication with the bank in the past number of months.
The agricultural loans relate to land, on-farm investments and non agri-related investments which have been under special management for a significant portion of time.
The loans involved do not belong to typical customers. They are all in Ulster Bank’s problem debt management unit and in arrears or under specialist management for a significant period of time
The majority (86%) of the €2.5bn loan book sale relates to business in the Republic of Ireland, with14% relating to loans in Northern Ireland.
An Ulster Bank spokesperson said: "the loans involved do not belong to typical customers. They are all in Ulster Bank’s problem debt management unit and in arrears or under specialist management for a significant period of time.”
The deadline for engagement is 31 May, which effectively means that farmers with distressed loans are being asked to engage with the bank immediately with an alternative solution. It is understood the sale will take a number of months to conclude.
If you would like to speak to a member of our team, please call us on 01-4199525.
Link sent to your email address
We have sent an email to your address. Please click on the link in this email to reset your password. If you can't find it in your inbox, please check your spam folder. If you can't find the email, please call us on 01-4199525.
ENTER YOUR LOYALTY CODE:
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
SHARING OPTIONS