Bloomberg News

Irish Bank Asset Sales May Be Limited in 2012, Ministry Says

February 17, 2012

Feb. 17 (Bloomberg) -- Ireland’s finance ministry said the country’s banks ability to sell assets this year may be limited by “market liquidity conditions.”

The country’s three state-guaranteed lenders that remain open for business sold or ran down 32.1 billion euros of loans last year, with prices achieved “in line with” base case assumptions of stress tests last year, the ministry said in a presentation published on its website today.

“There may be a longer execution timeframe” in selling assets as European peers, with as much as 3 trillion euros of non-core assets, also deleverage, it said. Still, Ireland is sticking to its target of banks deleveraging about 70 billion euros of assets by the end of 2013, a finance ministry spokeswoman said by phone.

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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