GE Money puts Irish mortgage business up for sale

GE Money puts Irish mortgage business up for sale

GE Money

GE Money has confirmed that it is to put its Irish consumer mortgage business up for sale.

The company employs 200 people in Ireland, 110 in Shannon, 90 in Dublin.

GE Money says that it informed its staff about the decision last Friday but that neither staff nor its customers will be affected by the sale and the company will continue to operate as normal.

The company says that it is fully committed to ensuring the best possible long-term outcome for the business, its people and customers.

GE Money, which acquired Woodchester Finance in 1997, hasn’t offered any mortgages in Ireland since 2008.

It’s believed the company currently has about 3,500 mortgages on its books, valued at $600m.

The company announced its intention to put the Irish mortgage business up for sale in its parent company GE’s earnings communication for the first quarter of 2012 last Friday and recognised a loss of $188m after tax in relation to the decision.

GE Money said today that it continues to actively manage the Irish loan books, focusing on collections and loss mitigation, and working with customers who find themselves in financial difficulties.

Leave a Reply