In another development, the ratings agency Fitch has expressed concerns about the quality of the underwriting for certain customers at Bank of Scotland (Ireland), notably self-employed borrowers where loans were provided for capital purposes.

Fitch said that it reviewed selected loans at Certus, the Dublin company that is running down Lloyds’ Irish loan book, during a visit to the company last February.

The agency said that Lloyds’ subsidiary, Bank of Scotland, which owns the Irish loan book, was also unable to provide key information about the loans, including the adverse credit history of borrowers.

Fitch was assessing about €6 billion of loans sold on to investors in a securitisation transaction.

“Mark is one of the most inspirational leaders I have ever had the pleasure to work for throughout my career and I can confidently say that he was highly respected as a leader and CEO at HBOS (Halifax Bank of Scotland) by all levels of the organization. What makes him stand out is his entrepreneurial ability, which makes him exceptionally capable of spotting market opportunities and new business models to drive the business differently and introduce new thinking. His ability to inspire as a leader with his inclusive and clear communication style also created an environment in the overall organization which made all the employees of the bank he lead work with a clear focus of direction in a seamless way, fully engaged and bought into delivering. I sincerely hope I will have the opportunity to work with Mark in some capacity again in the future.” August 7, 2011

for the laugh

http://www.linkedin.com/pub/mark-duffy/20/765/103

* Mindset that challenges entrenched thinking.

* Building a FS group from E100m to E35B plus asset base.

Tail end of Onlyones linkedin article above. Mark Duffy was ...if anything....even WORSE than Seanie and Fingers were when it came to banking.

Lloyds writes off a further GBP526m on BoSI book in first quarter

http://www.lloydsbankinggroup.com/media ... Q1_IMS.pdf
See Page 18

Other Highlights include 66.6% loans now impaired, with 65.4% of that provided for

Residential book is only 21.3% impaired with 70% provision (how much have AIB and BoI provided?....... )
Commercial Book is 84.7% impaired with a 64.7% provision for write off.

Even amongst the worst banks, those are pretty shocking stats !

Question is, are they the worst, or will we ever be allowed to find out the true extent of Anglo et al losses ?

LLoyds Banking Group Plc (LLOY), Britain’s biggest mortgage lender, said its Irish loan-impairment charge was cut by half to 897 million pounds ($1.39 billion) in the first six months compared with a year earlier as the pace of increase of home-loan arrears slowed.

The impairment charge compared with 1.78 billion pounds in the first half of last year and 1.41 billion pounds for the final six months, Lloyds said in a statement today. The decline in new provisions “is primarily due to a reduction in new customers entering arrears,” while the rate of commercial real estate market deterioration has eased, it said.

“The Irish economy appears to have grown in 2011 for the first time since 2007, by 1.4 percent, and the unemployment rate appears to have stabilized,” London-based Lloyds said. “Strict austerity measures in recent years targeted at improving international competitiveness are beginning to pay off.”

Lloyds has taken 11.8 billion pounds of impairment charges on Irish loans since the collapse of the nation’s real estate market four years ago, according to data compiled by Bloomberg News. The bank, which today reported an unexpected net loss of 641 million pounds, shut its Irish unit in 2010 and is running down its remaining assets.

Receiver appointed to firm behind Clancy Quay

A RECEIVER has been appointed on foot of €250m in debts to companies behind the development of Clancy Quay, a massive apartment and mixed-use development on a 14.5-acre site along the Liffey in Islandbridge, Dublin 8.

The huge development was built by developer David Kennedy on the historic site of Clancy Barracks which is named after Peadar Clancy, a Co Clare man who was murdered in Dublin Castle in the War of Independence in 1920.
...

Grant Thornton was appointed as receivers to the project by its bankers National Irish Bank and Bank of Scotland (Ireland), which is now part of Lloyds, last week.

About 700 apartments were planned for the site, but only 60 per cent of them were ever built. BoSI took a 20 per cent equity stake in the project in 2007 and the Formation Group, a UK company, owns 10 per cent.

The decision to appoint receivers was taken as the Dublin property market shows little sign of taking off again. Low-profile Kennedy was one of BoSI's biggest clients during the boom. When the market began to crash in 2008 his companies and joint ventures owed BoSI €240m.

http://www.independent.ie/business/irish/receiver-appointed-to-firm-behind-clancy-quay-3197050.html



Search the Indo archives for the original boosting article

Seems the off plans apartment purchasers haven't closed. Are the contracts rescinded?