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DUBLIN | Mon Oct 10, 2011 3:26am EDT
DUBLIN Oct 10 (Reuters) - Anglo Irish Bank is not expecting imminent progress in the sale of its 9 billion euro ($12 billion) UK loan book due to market conditions, chief executive Mike Aynsley was quoted as saying by the Irish Independent.
Anglo will "continue to explore its options regarding both the U.S. and the UK loan books", but "developments are not imminent", the newspaper quoted Aynsley as saying in an internal email sent on Friday.
"When markets are favourable, we will be able to move forward with confidence, whether it be on an individual loan or a group of them," Aynsley was quoted as saying.
The collapse of Anglo Irish, which typified the loose lending practices that brought the local banking sector to its knees and forced Ireland into an EU-IMF bailout, is expected to cost the state up to 28 billion euros ($38 billion).
The group is expected to sign a deal to sell its $9.5 billion U.S. commercial real estate loan portfolio in the next week, the report said.
Aynsley said the banks was "currently working through the final due diligence phase with a number of bidders" on the sale of the bank's wealth management business, a process that would be completed by December.
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