Seen & Heard: Ulster Bank gearing up to sell loan portfolio

Ulster Bank is gearing up to sell loans that could lead to the biggest release of prime residential land banks in Dublin since the bust, the Sunday Times reported.

The newspaper said a portfolio of loans, likely to be valued between €180 million and €220 million, is expected to be one of the biggest land deals this year. It includes loans connected to development land in Portmarnock, Co Dublin, owned by Sean Mulryan’s Ballymore property group, and to Adamstown, the west Dublin development undertaken by Joe O’Reilly’s Castlethorn Construction.

The paper added that loans connected to residential assets owned by Seán Reilly’s McGarrell Reilly in Stepaside, Co Dublin, are also in the portfolio. Ulster Bank has invited several estate agents to tender to advise on the sale.

Eircom bosses eye bonus
The Sunday Independent said Eircom chief executive Herb Hribar and his executive colleagues could share a €60 million bonus if they float the €2 billion telecoms company.

Eircom revealed last Friday that it is exploring a number of options with a view to strengthening its financial position, which include a possible listing on a public market.

According to the newspaper, bond documents filed by Eircom last year contain details of a bonus scheme designed to give Mr Hribar and his management team an incentive to deliver maximum returns to its shareholders, mainly former creditors, on a sale or other exit.

AIB key to Nama wind-up

Boosting AIB's balance sheet has emerged as a key reason for considering the faster wind-up of the National Asset Management Agency (Nama), according to the Sunday Business Post .

The newspaper said the bank has more than €15.5 billion of these bonds on its balance sheet – €15.6 billion in senior debt and €73 million in subordinated debt - and the low return on them is a major block to any plan to seek outside investment in the bank.