Lloyds sells Irish loans to US firm
British bank Lloyds has agreed to sell €1.1bn of non-performing Irish residential mortgages to US private equity firm Lone Star.
The loans were taken out by customers of Bank of Scotland in Ireland before the institution shut its branches in 2010 and exited lending here. The bank, now a unit of Lloyds, operated its retail arm in Ireland under the Halifax brand.
The portfolio included about 4,000 loans, dubbed 'Project Paris' by Lloyds. The loans were sold at a discount, but it's not known how deep that discount was.
Lloyds declined to reveal details of the sale, but said the deal was in line with its strategy of deleveraging its balance sheet and reducing non-core assets.