Allied Irish Banks has appointed Morgan Stanley to sell a €675m (£540m) portfolio of Irish loans.
The portfolio, known as Project Kildare, is mainly secured against Irish offices – although the bank is also understood to be reviewing options for its UK portfolio.
It is likely to be sold for a large discount. Investors looking at Lloyds’ €400m Project Prince portfolio of Irish loans, which is also up for sale, are bidding at discounts of up to 70%.
