KPMG has started the sales process for the final €2.4bn (£1.9bn) of IBRC non-performing loans.
The special liquidators of the IBRC have repackaged the unsold loans into three portfolios: projects Amber, Quartz and Pearl.
The sales process for Project Amber, which comprises €675m of Irish corporate and commercial loans, started last week.
It will be followed next month by the sale of the €1.1bn Project Quartz, which comprises commercial property loans, and the €655m Project Pearl.
Binding bids for Amber are expected by October, and binding bids for Quartz and Pearl are due in November and December respectively.
PWC is advising KPMG on the final three sales.
The projects include unsold loans from former NPL sales including €400m of corporate loans from Project Evergreen.
The new package includes a €648m Irish residential mortgage book that was first part of Project Sand.
The final €1.4bn were standalone tranches of the €9.3bn Project Stone, which was sold in April.
Offloading these final portfolios will bring to a close the €22bn sale of loans as part of the accelerated wind-down of the IBRC.
bridget.oconnell@estatesgazette.com
