Sale of portfolio of non-performing ROI mortgages

Sale of portfolio of non-performing ROI mortgages:

Bank of Ireland has agreed to sell a portfolio of non-performing loans to Promontoria 2019 – SGA Designated Activity Company (an affiliate of Cerberus Capital Management). These loans are predominantly secured on ROI buy-to-let investment properties.

It is the intention that with the sale of these non-performing loans legal title and servicing of these loans transfers to Link ASI Limited (“Link”) and Link will become the point of contact for customers holding these loans.

What does this mean for customers?

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. Additionally, there is no change to existing terms and conditions for customers transferring to Link.

What do I need to do?

You don’t need to take any action. If your mortgage account is included in this sale, both Bank of Ireland and Link will be writing directly to you.

However, any customer seeking more information can contact our dedicated customer phone line.

Phone Line

We have set up a dedicated phone line for any customer queries. The number is (01) 611 5302 and is open from 9am to 5pm Monday to Friday excluding bank holidays.

Why are you selling the loans?

Banks use their capital in a range of ways, including lending to our customers and investing in our business and our services. In addition, banks in Ireland including Bank of Ireland are required to hold more capital against NPE mortgage loans than performing mortgage loans. This transaction reduces the number of NPE mortgage loans held by the Bank.