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. Read More
I've read with interest the most recent article by Ross McEwan, head of Ulster Bank's parent, Royal Bank of Scotland. He did an exclusive interview with the Belfast Telegraph, talking about the improvements that have been made to Ulster Bank. He expounded the virtues of the bank and the progress that has been made by the bank over the last number of years, broadcasting that the bank is now profitable again. To quote Mr McEwan, "We are aligning the business again. It should be the same," he says, "for businesses both north and south." Read More
Has your bank loan been sold?
Is your Bank in the process of selling your loan?
How does this affect you and should you be worried? Read More