It is reported that Dublin property development company, Green Property, is to offer property management services to receivers appointed by Lloyds Bank over Irish commercial properties on its €13 billion loan book.

Lloyds has reportedly stated that the arrangement will not lead to it appointing more receivers and that receivership remains a last resort for the bank. The service will assist receivers with the day-to-day running of the properties with a view to maximising recovery on the relevant loans. Green, which owns the Blanchardstown Shopping Centre, Dublin, will be paid for its services and will not take a stake in any of the properties.