US private equity firm Oaktree is understood to have won the race to acquire two portfolios of laons from the National Asset Management Agency with a par value of €4.7 billion. The portfolios are known as Project Ruby and Project Emerald.

Oaktree beat rivals Cerberus and Lone Star, who were the other final bidders to submit offers last week before a second-round deadline, according to sources. The loans were being sold at a deep discount to their orignal value.

A spokesman for Nama declined to comment.

Nama chief executive Brendan McDonagh said on Wednesday that an announcement on the sale would be made on Friday.