BRC liquidators offer final tranche of loans for sale
loans form part of Project Stone, a €9.3 billion portfolio of loans that has been put up for sale.
Connaught House on Burlington Road where the offices of the Irish Bank Resolution Corporation were located. Photograph: Alan Betson/The Irish Times
The special liquidators of Irish Bank Resolution Corporation (former HQ on Burlington Road pictured) yesterday offered the final tranche of loans for sale to interested parties.
The loans form part of Project Stone, a €9.3 billion portfolio of loans that has been put up for sale.
These are believed to include borrowings held by successful businessman Denis O’Brien, and financier Niall McFadden, along with loans connected with the Blackrock Clinic.
Project Stone comprises Irish-originated commercial real-estate loans with underlying collateral spread across Ireland (42 per cent), the UK (40 per cent), continental Europe (15 per cent), and the balance in the rest of the world.
A spokesman for Mr O’Brien could not be reached for comment on this matter yesterday.
Project Stone is one of four portfolios put up for sale by the liquidators of IBRC.
In total, loans with a par value of about €22 billion will either be sold by the year’s end or will be transferred to Nama to be worked out over a period of years alongside the loans it received from Bank of Ireland and AIB.