Ulster Bank is to sell 5,200 non-performing mortgages to affiliates of so-called vulture fund Cerberus for €1.4 billion.
The portfolio of loans includes around 2,300 mortgages relating to private homes and around 2,900 mortgages covering buy-to-let properties.
Ulster Bank to sell non-performing loans worth €1.4bn to Cerberus (RTÉ)
Last week: Pass The Parcel
Ulster Bank to sell off 900 distressed home loans as part of bigger €2.5 billion portfolio (RTÉ)
“It should also be stressed in the interests of candour that there is seemingly an ideological preference amongst much of the judiciary to uphold the practices of banks and vulture funds, in a misplaced belief that this is necessary in a functioning market or ethically preferable to avoid moral hazard.
“Such viewpoints betray scant understanding of the plight that ordinary people find themselves in and flow from a class-driven lack of empathy.”
Barrister David Langwallner and the housing crisis
Taking Housing From Scandal To Right (Village Magazine)
..But not too much.
A recent Ulster Bank Rugby survey revealed:
Some of you think England are the next best side in the 6 Nations Championship after Ireland.
Some of you would even like to see England’s Mike Brown in green.
Alan Quinlan, commenting on the Ulster Bank rugby survey said:
Once again the Ulster Bank Rugby Survey has thrown up some very interesting results from fans across the country. Most interestingly for me is our backing of England in this year’s World Cup but no doubt that will be forgotten during this weekend’s contest
Full Survey: Ulster Bank Rugby
[Top: The Ulster Bank Phibsborough Rd, Phibsborough, Co. Dublin and from top: the front, back and side view of the ATM scamming widget]
“Pulled this off the Ulster Bank ATM in Phibsboro today.. The idea is that once your card goes in the flap stops it from being returned. Everything works fine until the ATM tries to give you back your card and cash. The bank card gets stuck and the ATM will start beeping as it is unable to return either card or cash.
Unsuspecting users will think the machine is faulty and once they leave the nearby thief will walk over, pull it off and hey presto – he now has your card and your money. When I pulled it off two guys a few feet away scarpered. Be warned.”
We’re tay people ourselves.
Via the very annoyed, in fairness Restaurants Association of Ireland:
“The Restaurants Association of Ireland today called for an end to the distribution of free coffees from Ulster Bank to promote their consumer mortgages. The message communicated by Ulster Bank is very much one of anti-hospitality industry, completely going against their ethos to “help for what matters”. As an institution that has always represented itself as the prime consumer and small business lender, Ulster Bank is showing little or no support for small hospitality businesses through this tragic PR stunt.
Speaking on the PR nightmare, Chief Executive of the Restaurants Association Adrian Cummins said, “For every cup of coffee Ulster Bank continues to give out free of charge, struggling cafes and restaurant owners are deprived of their daily morning/afternoon income. These people are struggling to fulfil bank payments, and instead of supporting local business, Ulster Bank have effectively employed an independent marketing company to do the exact opposite.”
Restaurants Association of Ireland call for an end to anti-hospitality industry stunt from Ulster Bank (RAI)
Further to last week’s ‘issues’.
Can you check if anyone else, due to be paid yesterday or today with their company using Ulster Bank as their payment transfers, have been paid? Two days after I should have been paid no payment has been made.
Previously: Did You Get Paid?
(Sam Boal/Photocall Ireland)