Project, what are you on about?

Irish bankers in recent years have been been coming up with James Bond-like code names for the portfolios of loans being sold off. Some have a clear logic. Nama’s portfolio of Galway developer Gerry Barrett’s loans is Project Maeve. She was the Queen of Connaught, so that makes sense. Project Jewel includes the loans secured on Dundrum Town Centre, which is Nama’s most sought-after asset.

Other names appear to make no sense. Ulster Bank's most recent tranche of commercial loans is Project Coney. A coney is a rabbit pelt. Answers on a postcard, please... The latest is Lloyds' Project Poseidon, the €4.2 billion rump of its remaining Irish loan book. What is that all about? Poseidon was the Greek god of the sea. Maybe some of the loans are under water.