Ulster Bank has announced it will be selling 6,500 Irish mortgages in arrears which have a face value of €1.6bn. Customers will not be informed that their loans are sold until a buyer has been found by the bank. It is possible that these loans will be sold to so-called "vulture funds". Ulster Bank is reported to have set aside €119m for the loss that will be incurred by the sale. "Not all mortgages are sustainable and we are obliged to reduce the level of non-performing loans."

Source: Evening echo May 10, 2018 18:00 UTC