BANK OF IRELAND has agreed to sell its portfolio of UK infrastructure project finance loans to Aviva for €200m.

The loans will be sold to an investment vehicle owned by Aviva for 81 per cent of its worth.

The Mespil Road-based bank says that that cash from the sale will allow it to reduce its funding requirements, in line with existing deleveraging plans.

Bank of Ireland would not say what specific projects it had financed. Neither would it say whether any jobs would be lost from the sale.

However, a source told TheJournal.ie that there would be no such impact.

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Bank of Ireland sells UK project finance arm

Making a difference

A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.