UK-owned bank still has to find a solution for deposits linked to so-called offset mortgages
Ulster Bank closed its last branches in April but still had €200 million of deposits, believed to mainly be linked to so-called offset mortgages at the end of September. Photograph Nick Bradshaw
The remaining deposits are believed to be mostly linked to so-called offset mortgages, where money in customers’ savings accounts is used to lower the balance – and interest due – on home loan accounts. AB CarVal has signed up to buy the loans through a vehicle called Elmscott Property Finance and has enlisted loan servicing firm Pepper Finance to manage the loans as legal title holder. Most of these loans are expected to transfer by the end of this year.
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