It is reported that Anglo Irish Bank has begun the sale of its $10 billion US loan book as part of the asset disposals required under the EU/IMF plan.
Anglo has reportedly instructed FTI Consulting to act as its adviser on the sale of the portfolio, which has already been written down by about 15% and is thought to be worth in the region of $10 billion. Assets included in the portfolio are reported to comprise of properties on the West-Coast, in New York, Boston and Chicago and include the Mandarin Oriental Hotel in Boston and the Palmer House Hilton in Chicago. It is also reported that Bank of Ireland has plans to sell its $1.8 billion remaining US property loan book while Allied Irish Bank has reportedly agreed to sell a US loan portfolio of $1 billion at a haircut of between 7% and 15%.
Contributed by Brendan Cahill.