Lloyds Banking Group has taken a 90 per cent loss on £1.47bn of troubled Irish real estate loans after selling them to US firm Apollo Global Management.
The sale for £149m will not have a material impact because the value of the loans had been largely written down previously, Lloyds said yesterday.
The end of a property market bubble in Ireland saw commercial real estates prices fall by two thirds. Lloyds has provided for losses of 66.8 per cent on its Irish wholesale loans book, its first half results showed.
City A.M. Reporter