Lloyds - extra provisioning




http://online.wsj.com/article/SB1000142 ... TopStories

http://www.ft.com/cms/s/0/3dd9907a-b45b ... z1Sw0odeLl
Might need to Google headline..

Basically Irish loan books a huge drag on RBS and Lloyds

Pricing in default/leaving euro

And by a complete and unrelated coincidence ....



http://www.reuters.com/article/2011/07/22/britain-ireland-loan-idUSL6E7IM18920110722

yup

Mark Duffy easily matches Fingers and Seanie in the pantheon of utterly failed Irish Bankers. He attracted business that not even INBS and Anglo would touch.

He grew the BOSI loan book from €5bn in 2002 to €32bn in 2008 , BOSI own as many or indeed more hotels than NAMA does now.

http://www.independent.ie/business/duff ... 23444.html

Lloyds have only shrunk that loan book by €4bn in over two years, there is a long hard slog ahead for them.

Some people seem to think he was pretty amazing! Looks like he's based in Sweden now.

From his LinkedIn profile http://se.linkedin.com/pub/mark-duffy/20/765/103

“Mark was my CEO for 15 years. A superb leader, combining clarity of vision with a chess master's eye in assembling the strategies, people and processes to get there. Entrepreneurial & a lateral thinker, he brings disparate ideas to cohesive life. Mark would be a superb addition to any executive team seeking out new frontiers.” August 1, 2011
Peter B., Director - Technical Services, BoSI
worked indirectly for MARK at Halifax, Bank of Scotland Ireland

“Having worked and collaborated with Mark for the last 20 years I can attest to the fact that Mark is a strong leader, a business builder with excellent strategic, communication and personal skills.” July 27, 2011
David F., Director, Bank of Scotland/Capital Bank
worked directly with MARK at Halifax, Bank of Scotland Ireland

“Mark was CEO at Halifax/BOS during a time when the bank achieved extraordinary success. His ability in leading and building a strong team and influencing and challenging colleagues were key to this. In this regard he was always clear on goals and priorities and embraced and managed change effectively. His open and forward thinking style will be a great help to any business he becomes involved with.” July 25, 2011
Michael O., Head of Banking - West, Bank of Scotland
reported to MARK at Halifax, Bank of Scotland Ireland

The ultimate circle jerk.

Ha ha.
It is amazing when one of these guys pops up now..
You hear the phrase "He's ex Bosi" and every one looks at their shoes. And thinks the same thing.

I note that Mark was seemingly in need of synchronised gushing recommendations on LinkedIn in July 2011.

What happened to his distressed assets play "Asset Resolution Corporation" in 2009 ...feckin thing doesn't even have a website and probably has €0 in funds to invest either.

Lloyds begins sale of Irish property loans: http://www.ft.com/cms/s/0/2bba3020-8e21 ... ab49a.html #FT

Any chance of a snippet for people who aren't registered, Slasher?

Barney, if you put the headline in quotes in google you can access the story without registering--so

'Lloyds begins sale of Irish property loans'

Lloyds has launched the sale of its €360m portfolio of Irish property loans as the government-controlled lender pushes to shed the legacy of its ill-timed takeover of HBOS.
The bank took first-round bids on the loans, which are backed by offices and retail property spread across Ireland, on March 30, according to people involved in the process.
A number of bidders have tabled offers. Other parties, including Lone Star, the US private equity group, and a joint venture between TPG and Green Property looked at the loans but did not enter the bidding process.
The sale, codenamed Project Prince, marks the latest step in Lloyds’ efforts to unwind its exposure to the property sector and is in line with its stated ambition of withdrawing from its Irish market.
The bank late last year completed the disposal of £900m of distressed loans backed by UK property, followed early in 2012 by the sale of two Australian portfolios.
The Irish portfolio is a combination of loans that Lloyds took on when it acquired HBOS and some made through its own lending business. It is unclear what losses the bank will take on the sale, but one person involved suggested the portfolio would be likely to fetch around 25 per cent of its original value.
However, the bank is not under pressure to dispose of the debt and is unlikely to sell if offers are too far below the level to which it has already written down the loans.
Lloyds has been aggressive in writing down the value of its debt in Ireland compared to the UK. In February, it said total impaired loans in Ireland increased by £1.9bn in 2011 to £16.4bn. Commercial property loans, which amount to about 44 per cent of its total loan book, were the worst affected. Two-thirds of Lloyds’ Irish loans are impaired.
Four years after its economic crisis began, Irish property prices continue to fall with government statistics showing prices in the residential sector down 45 per cent since the peak of the property bubble in 2007. Many economists say the official government surveys lag behind the market as they exclude cash payments, and predict property prices in the residential and commercial sector have fallen by as much as 60 per cent.
Dublin-based Davy Stockbrokers recently predicted Irish property prices would decline by as much as 70 per cent from their peak. A lack of bank credit and the continuing unstable economic climate remains a drag on the property market.
Lloyds declined to comment.