Bloomberg News

Bank of Ireland Says Selling 5 Billion Euros of Loans

October 14, 2011

Oct. 14 (Bloomberg) -- Bank of Ireland Plc said it agreed to sell about 5 billion euros of loans in transactions that will have a “neutral” impact on the lender’s core tier 1 capital ratio.

The Dublin-based lender said in a statement it completed sale of $1.13 billion of U.S. commercial real estate loans to Wells Fargo Bank N.A. It has agreed to sell 1.33 billion pounds of U.K. commercial real-estate loans to Kennedy Wilson and instututional partners for 1.07 billion pounds, it said.

Bank of Ireland has agreed to sell 1.23 billion pounds of U.K. residential mortgage loans to a unit of Nationwide Building Society for about 1.13 billion pounds. It has also agreed to sell a portfolio of project finance loans to GE Energy Financial Services.

Link to Statement:{NSN LT2G4Z3HBS3L <GO>}

To contact the reporter on this story: Joe Brennan in Dublin at jbrennan29@bloomberg.net

To contact the editor responsible for this story: Finbarr Flynn at fflynn3@bloomberg.net


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