Lloyds sells distressed Irish mortgages to US private equity affiliate

Lloyds Banking Group announced on Friday that it will be selling a portfolio of non-performing Irish retail mortgages for £257m.

The portfolio worth £610m, will be sold to Tanger Limited, an affiliate of US private equity company Apollo Global Management.

The portfolio performed poorly last year generating losses of £33m for the year to 31 December 2012. The disposal marks the second such deal Lloyds has made with an Apollo affiliate and is expected to be completed in the first half of 2014.