Between 2009 and 2012, Mr. McCluskey … Read more Ulster Bank has been allowed by the Central Bank to return €3.5 billion of surplus capital to RBS over the past four years – the equivalent of about a fifth of its parental bailout bill during the financial crisis. Your Web Browser may be out of date. US investment firm Cerberus is looking at making an approach for Ulster Bank’s €20.5 billion loan book in the Republic as the lender’s UK parent … The Irish Times reported on Friday that the lender’s UK parent is considering the matter as it actively considers exiting the market. “Cerberus is one of the most aggressive vulture funds in the Irish market; known for its aggressive repossession strategies against borrowers who have their loans sold to … Royal Bank of Scotland Group, Ulster Bank’s parent company, has announced this morning that Cerberus … "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. Cerberus eyes Ulster Bank’s €20.5bn loan book in the Republic Irish Examiner FSU leads coalition campaign to 'save' Ulster Bank RTE Updated / Friday, 16 Oct 2020 13:26 NatWest says no Ulster Bank-Cerberus talks taking place Irish Independent Central Bank holds key to keeping Ulster Bank … Cerberus was a major buyer of Irish distressed debt after the financial crisis. by Rebekah Russel. Cerberus and Ulsterbank- Loan sales- Cerberus Capital Management will manage facilities and some Ulster Bank staff have moved across to this department. Show more less Sentence . © RTÉ 2020. The union wrote this week to directors of NatWest, including group chief executive Alison Rose, as part of a campaign to “save” the Irish lender. 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. That means, in its desperation to offload them, the bank was willing to accept an offer that was 77% less than their face value. 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. 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). Cerberus paid £205m for the portfolio, called Project Rathlin, which had a face value … Ulster Bank has sold its €2.5bn 'Project Oyster' book of problem loans to Cerberus - the buyer of Nama's controversial Northern Ireland portfolio. Ulster Bank is to sell 5,200 non-performing mortgages to affiliates of so-called vulture fund Cerberus for €1.4 billion. Prior to joining Cerberus in 2015, Mr. McCluskey was the Head of High Exposures in the residential mortgages recovery unit of Bank of Ireland plc with responsibility for work out and restructuring exposures on a large distressed portfolio. Pronounce word 150. “It has also been reported that the US vulture fund Cerberus is planning to buy Ulster Bank’s entire €20.5 billion loan book. Add a sentence Cancel. "I know that it can be distracting but I would ask that you please stay focused on serving our customers well," she added. ULSTER Bank has sold a major property loan portfolio to US investors Cerberus. Meáin Náisiúnta Seirbhíse Poiblí na hÉireann. "There are no talks taking place with Cerberus," a spokesperson for NatWest, which owns Ulster Bank, said today. Cerberus is best known for buying more than £1bn of loans from the Republic of Ireland's National Assets Management Agency (Nama), but it also spent a similar amount on loans from Ulster Bank. Add word 100. The mulling of a wind-down of Ulster Bank … reduced payment plan) what happens when that plan expires? For a better experience use Google Chrome, Firefox or Microsoft Edge. On Friday, amid rumours that Cerberus was eyeing up NatWest’s Ulster Bank, The Irish Times questioned whether the lender would be swallowed up by “loan book cannibals”. A spokesman for Cerberus, which has bought billions of euro of soured loans from Ulster Bank in recent years, declined to comment. 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. Padraic Kissane, the consumer representative on the Irish Banking Culture Board, also said he was concerned, especially with the anxiety the issue is causing to customers and staff. The London-based group said as a result, it is reviewing its strategy appropriately and responsibly in light of these events. 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