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Lloyds Set £350M Loss On Commercial Real Estate

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Lloyds Banking Group seems poised to take a loss of about 35 per cent on a £1bn basket of commercial property debt as it enters second-round talks with four remaining bidders for the portfolio, according to people familiar with the process.

The bank has been considering bids by dozens of private equity groups, opportunistic buyers and pension funds after launching its first sale of distressed real estate loans three weeks ago.

Read the full FT story

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Pah, only 350 million?

Come back when it's 350 billion, then we can talk.

Really, there's so much bad debt being thrown onto the taxpayers these days that mere millions, or even hundreds of millions, don't really rate a mention. <_<

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Yep. They've been sitting on it for what, nearly 5 years now.

Hornby has had another chief executive job since then at Boots and has already retired from that too.

We're still suffering the consequences of the incompetence of CROSBY, CUMMINGS, HORNBY...and their Bank of Scotland commercial lending and will do so for more than a decade more.

(then there's the Bank of Scotland(Ireland) f*ck up to get through too of course)

Please don't even talk to me about the Royal f*ck up.

Incorporation laws need changing.

Directors need to be held personally liable for these sort of debts.

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Can we expect a 35% discount on the whole £24bn loan book? Does this mean the taxpayer picks up the losses whilst the private sector picks up the assets?

Or is this the good stuff in the crap and the other items on the loan book will be sold for an even bigger discount?

Edited by interestrateripoff

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  • 284 Brexit, House prices and Summer 2020

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      • down 5% +
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