PTSB sells 348m of non-performing mortgages to Mars Capital [Video]

PTSB is selling €348m worth of bad mortgages to Mars Capital and certain funds managed of sub-advised by Apollo Global Management Inc.

The portfolio comprises of 1,244 loan accounts secured on 1,489 properties, and has an overall risk weight intensity of c. 68%.

The loan accounts are linked to 1,022 accounts controlled by either single or joint borrowers.

The bank said that 83% of the accounts in the portfolio are deemed non-performing due to their arrears status, but the remainder are classified as non-performing due to technicalities.

Those loans are typically interest only or part capital and interest loans where the bank and the borrower have been unable to agree a repayment plan.

A total of 925 home loans and 319 buy-to-let accounts are included in the sale and are on average €71,000 and 22 months in arrears.

Some 85% of the private home loans are in arrears with an average balance of €40,000, and 78% of the buy-to-let accounts …