US funds buy majority of IBRC mortgage loan book

Two US investment funds have bought nearly two thirds of a €1.8bn mortgage loan book from IBRC.

US funds buy majority of IBRC mortgage loan book

Two US investment funds have bought nearly two thirds of a €1.8bn mortgage loan book from IBRC.

Lone Star and Oaktree Capital Managment, who bought the former Irish Nationwide mortgages, say they will follow the Central bank's code of conduct on mortgage arrears.

There were fears that international investors buying up mortgage loan books would not comply with the guidelines on how lenders engage with borrowers in arrears.

Meanwhile 85% of the commercial real estate loans being sold by IBRC - with a value of €9.3bn - were sold to four international investment organisations.

Minister for Finance Michael Noonan said it was a hugely successful outcome for the liquidators.

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