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Lloyds Banking Group has offloaded a £4bn Irish mortgage book to Barclays, in a deal expected to wrap up later this year.

In a statement, Lloyds said the assets involved total £4.3bn, of which £300m are impaired. Last year, they generated a pre-tax loss of around £40m.

The deal also means a pre-tax loss of £110m will appear in the first-half results.

It added:

The sale is in line with the Group’s strategy of becoming a low risk, UK focused bank. Following the transaction the Group will have minimal exposure to Ireland.

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