Lloyds warns over new hit from Irish portfolio

first_img Tags: NULL Part-nationalised bank Lloyds has warned that it would take a further hit from impairments on its Irish portfolio as a result of Ireland’s economic and fiscal deficit problems.The update on its Irish exposure caused Lloyds shares to fall sharply, dragging down other banks such as Royal Bank of Scotland, which is also exposed to Ireland via RBS’ Ulster Bank unit.Lloyds shares were down six per cent while RBS fell five per cent.Ireland’s economic turmoil was highlighted on Friday as credit rating agency Moody’s cut the country’s credit rating by five notches.Lloyds said a further ten per cent of its £26.7bn Irish portfolio would become impaired by the 2010 year end.It added it would increase the level of provisions against the portfolio, and expected an increase in the impairment charge relating to Irish exposures for the full year 2010 to about £4.3bn.Lloyds said this would result in an increase in provisions as a percentage of impaired Irish loans to approximately 54 per cent at the 2010 year end. John Dunne whatsapp Lloyds warns over new hit from Irish portfolio by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGemcenter_img Share whatsapp Show Comments ▼ Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Friday 17 December 2010 9:30 amlast_img read more