Lloyds tells investors to brace for Irish pain
Lloyds Banking Group has warned investors that it will probably have to raise impairment charges against its Irish portfolio by £2.67bn for the second half of 2010, heightening concerns about European banks’ exposure to the country.
Lloyds said on Friday that economic recovery in Ireland may take longer to achieve, and that asset prices will remain depressed for longer, than previously anticipated.
The UK bank has a £26.7bn Irish portfolio, representing about 4% of its loan book. It took a £1.56bn impairment charge against Irish
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