# AIB sells c. 3,000 defaulting home loans to Mars



## Brendan Burgess (19 Feb 2021)

· The portfolio comprises c. 92% private dwelling homes, c. 5% buy-to-let properties and c. 3% mixed use property. The portfolio extends across c. 3,500 assets.

· The average balance per customer connection is c. €300,000 with an average arrears amount of c. €95,000.

Cash consideration: €0.4 billion 

As at September 2020, the loan portfolio had a gross NPE value of c. €0.6 billion and a fully loaded risk weighted assets (RWA) position of c. €0.4 billion. In the year ended 31 December 2019, the loan portfolio incurred a loss before tax and post-provisions of c. €62 million. The portfolio consists of c. 4,000 non-performing customer connections, with an average time since first default of c. 10 years and c. 90% of the portfolio first entering default over seven years ago.


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## Live Well (19 Feb 2021)

Is this new, as in this week? I wasn't aware of it at all.


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## RedOnion (19 Feb 2021)

Not really 'new', just the announcement that it's been agreed.
This is part of 'Project Oak' which has been ongoing since 2019, and was put on hold at the start of the pandemic. There's been a few mentions recently: https://www.irishtimes.com/business...attle-for-1bn-aib-problem-mortgages-1.4480500


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