At the end of 2014, the Lloyds banking group’s retreat from Ireland accelerated suddenly when the UK financial institution agreed to sell Project Parasol, a portfolio of commercial property and buy-to-let mortgages with around €2 billion in receivables, for half its face value to funds managed by US firms Goldman Sachs and CarVal. Most loans had been issued by Bank of Scotland’s Irish operation before its exit from this country in 2010. As previously reported, Pentire Property Finance, the vehicle CarVal used for the transaction paid €348 million to close its tranche of the deal in 2015 and worked through…

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