Project Poseidon - Bank of Ireland/Carval/Goldman Sachs €1.18 billion acquisition of Lloyds Banking Group loan portfolio

Overview:

• Bank of Ireland, CarVal Investors and Goldman Sachs have acquired the Project Poseidon loan portfolio for €1.18 billion from Lloyds Banking Group.
• The portfolio is valued at €3.7 billion, with the loans secured by over 3000 properties from 3450 borrowers.
• The loans had been part of Bank of Scotland's (now part of Lloyds) Irish loan book.
• The project is one of the first loan portfolio sales completed under the new Consumer Protection (Regulation of Credit Servicing Firms) Act 2015, which provides greater regulatory protection for borrowers. Previously, certain buyers of portfolios, including SPVs, were not subject to regulatory oversight.

Sam Duke - Editor