As we are
all now unfortunately aware Ulster Bank are for all intents and purposes
closing their GRG Resolutions group. This means
that borrowers have been told to either re-bank or re-finance their loans or
face the pleasures of recovery.
What happens
if you can't escape from GRG?
You will be
glad to know that RBS have come up with an innovative solution. Not only have
they agreed to sell your loan to the American Vulture funds but as of this week
RBS are now funding by way of Debt the purchase of the very loans that they are
selling. Yes, what you read is correct.
On news
wires this week it became apparent that RBS have funded Senior debt for a
Company called Kennedy Wilson. Kennedy Wilson ARE the
company who have bought loans and properties from Bank of Ireland from their
distressed loan book. They are what's known as an American Vulture fund.
Can you
believe that RBS the parent of Ulster Bank WHO ARE CLOSING PROPERTY LENDING are
now funding Vulture Funds with senior debt to acquire these loan books and/or
to refinance.
You couldn't
make this up......
How
disappointing it is that the tax payer yet again is being caught with the
losses that have been sustained by RBS and Ulster Bank as a whole on property loans
while at the same time RBS are funding the very Vulture funds that are
acquiring these loans.
If you were not aware of this you are now - so
let your representatives know across the board that this is the kind of
activity that a state owned Banks are doing.
Watch this
space and as ever we will keep an eye on the innovative ways that these Bankers
are generating fees and returning their businesses to profit.
James Gibbons LLB
