Friday September 25, 2020

Lloyds said to plan sale of about €2 billion of mainly Irish loans

Lloyds Banking Group plans to sell about €2 billion of mainly Irish propertyloans, the latest phase in extricating itself from Western Europe’s biggest property crash.

3rd September, 2012
Some 86 per cent of Lloyds’ £16.1 billion-pound Irish wholesale portfolio, mainly commercial real-estate loans, was impaired, or unlikely to be repaid in full, at the end of June.

Lloyds Banking Group plans to sell about €2 billion of mainly Irish property loans, the latest phase in extricating itself from Western Europe’s biggest property crash, according to a person with knowledge of the transaction.

Britain’s second-biggest government-aided bank will probably have to take discounts on the sale, said the person, who declined to be identified because details of the sale are private. Ian Kitts, a Lloyds spokesman, declined to comment.

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