Ulster Bank holds €3.1bn of negative equity loans ->
independent.ie/business/iris … 73123.html
ULSTER Bank is to transfer €3.1bn worth of “negative equity” Irish home loans as part of its €22bn portfolio of debts set for the British bank bailout scheme.
About €1bn of these loans were made to “buy-to-let” investors, with most of them lent between 2006 to 2008, according to documents from the British Treasury Department. Ulster Bank is the Irish arm of Royal Bank of Scotland, which received a €38bn digout from the British government.
Around 10 per cent of the Ulster Bank negative equity loans are in the greater Dublin region and Belfast, with the remainder spread around the country. The average loan amount being transferred is almost €246,000.
The Ulster Bank loan details provide further evidence of the rapidly deteriorating situation for Irish borrowers. Later this week, **Nama is to receive interim valuations on the assets of the top 10 borrowers from Irish banks. It has been suggested that one of these borrowers could have loans of as much as €7bn due to Irish banks.
there is more
My poor boggled mind boggles some more.
Not entirely convinced that this is the full picture. There is also the matter of First Active’s residential lending -First Active which now exists as a single ‘hatch’ within Ulster Bank branches. No reason to believe that Ulster Bank, any more than any of the other ‘families’ are telling the truth even now.