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| Northern Ireland property loans sold to US private equity fund Cerberus | Northern Ireland property loans sold to US private equity fund Cerberus |
| (about 2 hours later) | |
| Royal Bank of Scotland has sold loans related to Northern Ireland properties to the US private equity fund Cerberus. | Royal Bank of Scotland has sold loans related to Northern Ireland properties to the US private equity fund Cerberus. |
| It is part of a wider deal worth £1.1bn, the bank told the stock market on Tuesday. | It is part of a wider deal worth £1.1bn, the bank told the stock market on Tuesday. |
| The so-called Project Aran portfolio consists of 315 properties, mainly in the Republic of Ireland, belonging to more than 400 borrowers. | The so-called Project Aran portfolio consists of 315 properties, mainly in the Republic of Ireland, belonging to more than 400 borrowers. |
| However, around 20% of the loans relate to Northern Ireland. | However, around 20% of the loans relate to Northern Ireland. |
| The value of the loans bought by Cerberus had been previously written down by RBS. | |
| The portfolio made a loss of £800m in 2013, mainly due to provisions for bad loans. | |
| RBS is the parent company of Ulster Bank, which is the largest bank in Northern Ireland and the third biggest in the Republic of Ireland. | |
| It announced in October that it was retaining control of Ulster Bank, following a review that considered selling off its business in the Republic of Ireland. | |
| Cerberus previously bought the entire Northern Ireland loan portfolio of the National Asset Management Agency (NAMA). | Cerberus previously bought the entire Northern Ireland loan portfolio of the National Asset Management Agency (NAMA). |
| In a separate deal, Cerberus announced on Tuesday that it had also bought a £1.2bn portfolio of mostly non-performing commercial property loans from National Australia Bank (NAB). | |
| It is part of the Australian bank's plan to leave its UK operations, where it has endured big losses at its Clydesdale and Yorkshire Bank businesses. |