Wall Street banking giant Goldman Sachs is currently seeking to sell a portfolio non-performing Irish mortgages attached to 1,000 properties, taking advantage of a window in the market ahead of expected problem-loan sales by banks this year, according to sources. The portfolio, known as Project Toucan, amounts to 1,800 loans in total, they said, meaning many properties carry more than one mortgage. Bank of Ireland said in early March that it aims to sell a portfolio of non-performing mortgages this year. KBC Bank Ireland has also signalled it may sell long-standing problem owner-occupier mortgages to avoid being forced by regulators to set aside more expensive capital against these loans. Ulster Bank, which is also in talks to sell corporate and small-business loans to AIB, will also have to consider options for its own €1.5 billion of non-performing loans.

Source: The Irish Times April 01, 2021 04:41 UTC