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For sale: World's most infamous loan book

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For sale: World's most infamous loan book

A set of three loan books valued at £2 billion has been put up for sale by Ernst & Young, as the administrator for Kaupthing Singer & Friedlander – the British division of failed Icelandic bank Kaupthing.

During the property boom the Icelandic bank lent hundreds of millions to Britain’s richest businessmen, including entrepreneur Robert Tchenguiz and famous property developers Nick and Christian Candy.

According to a report in The Times newspaper, over £1 billion was lent to individuals, with £300 million ploughed into the purchase of luxury yachts and aircrafts. Almost a third of the loans went on property in the UK, many being advanced on next to no collateral.

Ernst & Young believe that roughly a quarter of the loans in the £824 million corporate lending book are toxic.

The most attractive loan book is the £1 billion property book, which features an £160 million loan secured on the Shard project, set to be the tallest building in London, once it is completed in 2012.

Ernst & Young have said that market conditions have now changed significantly since they last tried to sell the loan book in November 2008, shortly after the bank’s collapse.

 





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