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August 6 2017 6:00 PM
Bank of Ireland has agreed to buy a portfolio of mortgages from so-called vulture fund Lone Star, the Sunday Independent has learned.
Mortgage holders have received letters in recent weeks saying an agreement had been reached between the bank and the Lone Star entity Shoreline.
It's understood many of the loans in the portfolio are so-called "re-performing loans" which had been in difficulty but are now performing again after engagement between borrowers and the loan owners.
"While we don't comment in relation to individual transactions, over the last few years we've acquired several books across both mortgages and SMEs, and we continue to be in the market for good quality performing assets, where opportunities emerge," a Bank of Ireland spokesman said.
Liam McLoughlin, who heads the bank's retail division in Ireland, recently told a press conference that the bank had bought seven books in the last three years.
With housing supply tight, buying mortgages from investment funds represents a way for banks to grow their loan books. McLoughlin said the bank was interested in buying a €2bn book of performing loans from Danske Bank, which Danske is looking to sell.