Bank of Ireland said today it had agreed a securitisation of a portfolio of non-performing Irish mortgages.

The portfolio has a gross value of about €350m and includes owner occupied and buy-to-let investment properties.

The bank said the proposed sale is expected to result in a reduction in its non-performing exposure (NPE) ratio from about 5.7% at the end of March to about 5.3%.

The mortgage loans included in the securitisation are classified as non-performing and have been non-performing for an average of six years.

Bank of Ireland added that the majority of the loans involved have been restructured and are performing in line with restructuring arrangements agreed between it and its customers.

The lender stressed that any restructuring arrangements agreed - including any alternative repayment arrangements - are unchanged by today's sale.

It said there will be no change to the protections currently afforded to customers under the relevant Central Bank of Ireland statutory codes of conduct, including the Code of Conduct on Mortgage Arrears and the Consumer Protection Code.

Bank of Ireland also said it expects to continue to service these mortgage accounts, which means that it will remain the contact point for customers in all queries regarding their loan, as is the case today.

Shares in the bank were about 5% lower in Dublin trade today.