Allied Irish Banks sells bad loan portfolio for $898.80mln

AIB said it was on track to reduce its stock

  
A gardener mows the grass outside the headquarters of AIB on the day the bank announced it's results, in Dublin April 12, 2011. Allied Irish Banks aimed to put the "collective madness" of a homegrown property bubble behind it on Tuesday with a jaw-dropping annual loss of 10.4 billion euros and a plan to axe over 2,000 jobs.

A gardener mows the grass outside the headquarters of AIB on the day the bank announced it's results, in Dublin April 12, 2011. Allied Irish Banks aimed to put the "collective madness" of a homegrown property bubble behind it on Tuesday with a jaw-dropping annual loss of 10.4 billion euros and a plan to axe over 2,000 jobs.

REUTERS/Cathal McNaughton

DUBLIN - Allied Irish Banks said on Monday it had sold a non-performing loan portfolio for around 800 million euros ($898.80 million).

The loans, which had a gross non-performing exposure value of 1 billion euros, were sold to Everyday Finance DAC as part of a consortium arrangement with Everyday and affiliates of Cerberus Capital Management, AIB said.

AIB said it was on track to reduce its stock of so-called non-performing exposures to 5 percent by the end of the year.

(Reporting by Conor Humphries, editing by Louise Heavens) ((conor.humphries@thomsonreuters.com; +35315001518; Reuters Messaging: conor.humphries.thomsonreuters.com@reuters.net))