Lloyds sells 2.6 billion pounds of Irish loans to Goldman, CarVal, BoI group

Reuters

Updated 30 July 2015 at 2:23 am

LONDON (Reuters) - Lloyds Banking Group said it sold a portfolio of Irish commercial loans with a face value of 2.6 billion pounds to a consortium including Goldman Sachs and Bank of Ireland .

Lloyds said on Thursday it sold the portfolio for about 827 million pounds in cash to a consortium comprising Ennis Property Finance, which is affiliated to Goldman; Feniton Property Finance Limited, affiliated to U.S. specialist investor CarVal; and Bank of Ireland.

Lloyds said the gross assets of the portfolio were 2.6 billion pounds, of which 2.3 billion were impaired. The assets made a loss of 130 million pounds in 2014.

It said the transaction is not expected to have a material impact on it but will add about 7 basis points to its capital ratios.

(Reporting by Steve Slater; Editing by Sinead Cruise)

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