Lloyds Banking Group has taken a £1.1bn impairment on its Irish real estate portfolio, reports the Financial Times.
The Guardian says Lloyds decided to increase provision because of the continued weak outlook for the rest of the year and a possible further 10% drop in commercial property. The charge contributed to a first-quarter pretax loss of £3.5bn compared with a £721m profit a year ago. The group is under pressure from the Independent Banking Commission to sell more than the 600 branches the European Commission has demanded.
06/05/11 Financial Times 16, 18, 19
Daily Telegraph B1, B2
Independent 38
Guardian 29
