Lloyds cuts Irish loan book in Q3 by €1.25bn
UK BANK Lloyds cut its Irish loan book by a further £1 billion (€1.25 billion) in the third quarter.
Lloyds added that impairment charges on the former Bank of Scotland (Ireland) Irish loan book of almost £22 billion continued to decline in the third quarter, contributing to a 40 per cent fall in its overall bad debt charge on 2011.
The bank took an overall impairment charge of £4.4 billion in the nine months, compared with £7.4 billion in the same period in 2011.
Two consortiums and two private equity bids were reported this week to be on the shortlist to buy a further €2.2 billion portfolio of up to 700 Irish commercial property loans from the UK banking group.
One consortium comprises Californian property company Kennedy Wilson, Deutsche Bank, hedge fund Och-Ziff and property firm Varde Partners, the property news website CoStar reported.
Two investment companies, Carval Investors and Centerbridge Partners, are in the other group.
Private equity companies Lone Star and Apollo Global Management have tabled separate bids.
The portfolio is being sold at a sharp discount to face value.
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