* Second of four portfolios sold above initial valuations
* Bodes well for success of liquidation - finance minister
DUBLIN Feb 26 Liquidators appointed to Anglo
Irish Bank have sold a second portfolio of loans held by the
collapsed lender with a par value of 7.3 billion euros ($10
billion), removing another contingent liability from the state's
Nationalised Anglo Irish, renamed the Irish Bank Resolution
Corporation (IBRC) in 2011, was put into liquidation last year
in a deal that released Dublin from a commitment to quickly pay
off a 29 billion euro debt incurred by the bank.
The liquidators, KPMG, must either complete the sale of its
assets by early this year or transfer them to the National Asset
Management Agency (NAMA), the state-owned "bad bank" that is
already one of the world's biggest property groups.
Ireland, which completed an EU/IMF bailout late last year
but still has one of the highest debt levels in the euro zone,
will have to cover any losses NAMA incurs over its lifetime.
That means increased demand from abroad for Irish-owned
assets comes as a timely boost.
'Projects Rock & Salt', the second of four IBRC portfolios
up for grabs, was sold in its entirety to investors including
Lone Star and a consortium of Sankaty Advisors and Canyon
Capital Advisors, the liquidators said in a statement.
The portfolio, made up mostly of UK commercial real estate
loans, was sold above initial valuations, which were not
The liquidators offloaded 84 percent of the first 2.5
billion euro portfolio in December, also at prices above
Irish Finance Minister Michael Noonan said last month that
the liquidators would likely offload at least half of the IBRC
assets before the remainder is moved to NAMA and that he did not
expect any further calls on the state's finances above those
already budgeted for.
"The sale of this entire portfolio on top of the success of
the Project Evergreen sale late last year will considerably
reduce the amount of assets that are now expected to transfer to
NAMA and bodes well for the ultimate success of the
liquidation," Noonan said in a statement on Wednesday.