Lloyds to sell off Irish commercial loan portfolio in early 2013
Lloyds Banking Group has announced that it is selling a portfolio of Irish commercial real estate loans as part of its strategy to de-risk its balance sheet and reduce its non-core assets.
Lloyds Banking Group has announced that it is selling a portfolio of Irish commercial real estate loans as part of its strategy to de-risk its balance sheet and reduce its non-core assets.
The portfolio will sell for £149m, and is expected to be completed in the first quarter of 2013. The sale proceeds will be used for general corporate purposes.
The banking giant said that portfolio generated losses of £202m in the 12 months ended December 31st 2011 and revealed the gross assets subject to the transaction are £1,466m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In a statement the company said: "The transaction is not expected to have a material impact on the group due to the significant impairment provisions held against the portfolio, which are higher than the average across the Irish wholesale book because of the particularly distressed nature of these assets."
The share price was 2% higher by the early afternoon.
NR
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
How to pay in a cheque
Receiving or writing a cheque has become much less common in recent years as instant bank transfers have grown in popularity. Amid widespread bank branch closures, we explain what to do if you get a cheque, and how you can pay one into your bank account.
-
Crypto assets of seven million UK investors at risk – how to keep yours safe
Cryptocurrency wallet rules make it hard to track down assets after someone has died, even if they leave a will saying who they would like to inherit them