Lloyds’ Banking Group’s wealth division, which manages £178.5bn (€215.4bn) in client assets, today said losses from its Irish investments – particularly those property-related, had weighed down results, prompting group chief executive Eric Daniels to give a cautious outlook for the division.

Impairment losses, or non-recurring charges taken on assets with overstated values, hit £2.2bn in the first half of this year, up £759m on the same period last year, although down £381m compared with the second half.