The Department of Finance said that under the plan the mortgages have to be put on the market and be made available for sale, but they do not have to be sold.
It is only the ICS broker services, IT and general infrastructure that has to be sold.
Heard about it this morning on the radio!!Bank of Ireland yesterday confirmed it has agreed to sell its ICS Building Society’s distribution platform as part of its EU
restructuring programme. Under the deal, Bank of Ireland will sell a €250m mortgage asset pool to Irish financial services company Dilosk Limited, which is seeking regulation from the Central Bank.
All of the loans in the portfolio are performing and none is in arrears. It is thought that up to 2,000 mortgages have been sold.
http://www.independent.ie/business/...-in-bank-mortgage-sales-warning-30388935.html
There are, but they will be regulated this week, and so they will no longer be an unregulated fund.
Brendan
This.
A lot of scare mongering going on to grab the headlines. The Central Bank would have to be completely inept to allow regulated products to be owned by an unregulated company with no protection. I'm sure there is also something in the contract that home owners sign about regulation too.
Isn't that inevitable. They can't get blood from a stone (trackers).
So VR holders are over a barrel as its unlikely they'll be able to negotiate a better deal/rate with another bank/fund.
...Bank of Ireland sold the ICS good mortgages to Dilosk...
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?