Anglo Review INBS Mortgage Book

23 August 2011 - Which Way to Pay

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Anglo Review INBS Mortgage Book

Anglo Irish Bank has ordered a review of the mortgage book it inherited from Irish Nationwide (INBS) amidst claims from the bank that the asset is “low quality”.

Anglo, now known as IBRC, is scheduled to be wound down over the next 10 years and as such wants to sell the book in the “medium term” as an overall attempt to shrink its own balance sheet. The loan book of INBS is worth within the region of €1.94bn comprising of €1.4bn in ordinary residential loans, with the rest consisting of mortgages held by buy-to-let investors.

The arrears on the INBS loan book are well above the market norm which reflects the poor quality built up by the book at the tail end of the boom, only to be further impacted with the collapse of the Irish economy. Documents sent to potential expert firms Anglo acknowledge that managing the assets will continue to be difficult:

"The organisation faces ongoing challenges in a market which continues to deteriorate both in terms of property values and general economic environment,'' the bank states.

Anglo was not previously a mortgage lender and only took on the INBS book in July 2011. It therefore appears that Anglo has committed to keeping the INBS mortgage operation as a standalone:

"New and further advances no longer take place with the focus on winding down the book in anticipation of a potential sale."

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