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

Brendan Burgess

Founder
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· 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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