Lloyds sells portfolio of non-performing Irish mortgages

UK banking group Lloyds has agreed to sell a portfolio of 'non-performing' Irish retail mortgages to Tanager Limited, part of US-listed firm Apollo Global Management.The portfolio is to be sold for a cash consideration of £257m. The disposal is expected to be complete in the second half of 2014."The transaction is part of the group's continued non-core asset reduction programme," Lloyds said in a statement on Friday.The gross assets included in the deal total £610m, though the portfolio generated losses of £33m last year. "The sale proceeds will be used for general corporate purposes and the transaction, although capital accretive, is not expected to have a material impact on the group, due to existing provisions taken against these assets."BC