£1.47bn of Irish loans sold for 10p on pound - Lloyds Bank

(20 Nov 2012)

It is reported in todays Irish Independent that Lloyds Bank in the UK has sold £1.47bn of Irish loans for 10p on pound in what could be the biggest write off by a bank in the post boom era. Apollo Global Management was announced as the new purchaser of the debt. The bank stated that the  writedown is higher than average "because of the particularly distressed nature of these assets". In a statement LLoyds said "the loans generated losses of £202m last year". The Bank is now winding down its Irish Loans

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