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RBS Irish unit sells problem loans with $2.8 bln face value

DUBLIN Oct 10 The Irish unit of Royal Bank of Scotland has sold non-performing loans with a face value of 2.5 billion euro ($2.8 billion) to private equity firm Cerberus, the bank said on Monday.

The Project Oyster loan portfolio, a mixture of loans in the Republic of Ireland and Northern Ireland, is 71 percent business loans, 19 percent buy-to-let and 10 percent owner-occupied home loans, a spokeswoman said. ($1 = 0.8928 euros) (Reporting by Conor Humphries; Editing by Susan Fenton)

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