Anglo Irish Bank is preparing to sell off €3bn worth of loans on the international markets in a bid to raise fresh funds. The bank is seeking to sell on the loans – issued to property developers, shopping centre owners and retailers – to international buyers in its first securitisation transaction since the Irish government announced its €480m bank guarantee scheme earlier this month.
Anglo is preparing to sell on 71 commercial mortgages issued by the bank on 114 properties in Ireland and Britain.
It is understood that the bank is anxious to obtain fresh liquidity in a bid to neutralise concerns over its credit profile. Rating agency Moody's said on Friday it may downgrade the bank's long-term deposit rating.
Anglo’s share price has fallen over 80% so far this year and in what was another bad day on the Dublin exchange the bank's stock today fell a further 6% to go below the €2 mark at €1.945.
Using the buttons below you can save this article to your favourite social bookmarking site