Lloyds make huge loss on Irish loans

Lloyds make huge loss on Irish loans

British banking group Lloyds has taken a 90% loss on €1.83m of troubled Irish property loans it has sold to US group Apollo Global Management.

The property loans were originated by Halifax Bank of Scotland Ireland, which is being wound down by Lloyds.

Lloyds has provided for losses of 66.8% on its Irish wholesale loans book.

Apollo would not comment on the deal.

Lloyds has been using a third party set up by its former Irish management to work out the remaining loan book.

It shrunk its Irish loan book by €2.36 billion in the first half largely as a result of disposals.

After that, Lloyds had €19 billion of wholesale, largely property-related Irish loans and €8 billion of retail loans – mostly mortgages.

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