Permanent TSB Group Holdings Plc, the bailed-out Irish lender, hired Morgan Stanley to sell its commercial real estate and subprime residential mortgage loan books, which have a combined face value of about 2.6 billion euros ($3.5 billion).
Irish Bank Resolution Corp., formed to complete the liquidation of Anglo Irish Bank Corp., received U.S. bankruptcy court approval for the sale of loans with nominal balances totaling more than $19 billion.
Former Anglo Irish Bank Corp. Chief Executive Officer David K. Drumm, sued by the defunct lender over an unpaid personal loan, conceded to a U.S. judge he made “a lot of errors” in his bankruptcy filing and wasn’t aware he needed to reveal $1.2 million in cash transfers to his wife.
Anglo Irish Bank Corp., the defunct lender whose bailout almost pushed Ireland into bankruptcy, told a judge in Boston that ex-Chief Executive Officer David K. Drumm hatched a “fraudulent” plan to hide his personal assets and avoid repaying a 7.65 million-euro ($10.5 million) loan.
Anglo Irish Bank Corp. defended a sale of its U.S. loan portfolio that was ordered by the Irish government and its acquisition of Irish Nationwide Building Society, calling them “non-commercial, sovereign acts.”