Lloyd's Exit From Ireland Complete

This week, it was announced that Goldman Sachs and CarVal Investors have won Lloyd's Project Poseidon, paying £827m (€1.18bn) for the commercial property loan portfolio. Project Poisedon was comprised of around 5,000 loans from about 3,500 borrowers, 80% of which were secured by Irish assets, 18% in Northern Ireland. 

This trade was Lloyd's Banking Group's last Irish commercial property loan portfolio, and completes the bank's withdrawal from commercial property lending in Ireland. The Group will now have less than £30m of exposure to Irish commercial assets, a minimal amount compared to the exposures the banking group once represented.

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