Bank of Ireland has announced that it will dispose of an Irish non-performing loan (“NPE”) portfolio comprising primarily Private Dwelling House (PDH), Buy to let (BTL) NPEs, together with a smaller portfolio of non-mortgage NPEs.
Bank of Ireland will be appointed as interim servicer for a period prior to legal title and credit servicing transfer. Following the transfer, Mars Capital Finance Ireland DAC (“Mars”) will be managing the loans as Legal Title Holder. MARS is regulated by the Central Bank of Ireland. The transfer is currently expected to complete over the course of 2023.
There will be no change to the protections currently afforded to customers under the relevant Central Bank of Ireland statutory codes of conduct, including the Consumer Protection Code and Code of Conduct on Mortgage Arrears.
Additionally, the transaction will not result in any change to the terms of any alternative repayment arrangements agreed between Bank of Ireland and its customers which will continue for their agreed duration.
Where can I get more information?
There is no requirement for customers to take any action arising from this announcement. In advance of the transfer of legal title and credit servicing, the Group will contact customers whose loan(s) are included in the sale prior to transfer in accordance with regulatory requirements. However, any customer seeking more information can contact our customer phone line or their relationship manager.
Customer queries should be directed to the following phone lines or to your dedicated relationship manager where relevant:
- The number is 0818 812 240 (from Ireland) or 00353 1 4883046 (outside Ireland);
- The phone line is open from 9am to 5pm, Monday to Friday excluding bank holidays.