Allied Irish Banks Group has agreed to sell a non-performing loan portfolio to Everyday Finance DAC.
The portfolio has a gross non-performing exposures value of €1bn (£860m) and a fully loaded risk-weighted assets position of €750m. In the year to December 2018, the loan portfolio incurred a loss of €11m.
Everyday is one of the largest credit management businesses in Ireland.
At completion, AIB will receive a cash consideration of approximately €800m. The proceeds will be used for general corporate purposes, including the continuation of support for customer restructuring.
AIB has reduced NPEs from €31bn in 2013 to €6.1bn at 31 December 2018.
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