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31/08/2010
Anglo Irish Expected To Reveal Large Losses
The currently state-owned Anglo Irish Bank is expected to report large losses for the year to date in today's results.
Analysts are speculating the bank's turnover for the first half of this year will be even worse than the banks previous six-month deficit of €4.1 billion.
Anglo Irish is expected to have incurred massive losses during its transfer of the first €9.25 billion in loans to the National Asset Management Agency (NAMA), with further losses coming from other loans and investments.
The losses to NAMA are being attributed to AIB's inadequate collateral and poor paperwork, which forced the bank to accept NAMAs value of the loans at a 55% discount, and a loss of €5.1bn.
In early August, the second set of transfers of €6.75bn resulted in a 62% discount and a €4.2bn loss, which is likely to be provided for in today's results.
Today's announcement is expected to be the biggest reported loss in Irish corporate history
Anglo is also expected to post losses on financial derivatives and investments today, and may need to refer to the loans due by businessman Seán Quinn and his family, totalling about €2.8 billion.
Ahead of today's publication, Minister for Justice Dermot Ahern yesterday tried to rubbish speculation that Fianna Fáil and the Green Party are at odds on the bank's future.
He made his comments after Green Party Senator Dan Boyle said his party believed a quicker wind down was the most cost effective way of dealing with the bank.
Also this morning, Irish Life & Permanent has reported a "significant improvement" in its financial performance for the first half of this year despite a loss of €10m.
The results are a significant improvement compared with €51million over the same period in 2009, after a rebound in the life and pensions business.
Kevin Murphy, group chief executive, said the key to the improved performance was a strong recovery in the businesses of Irish Life, which saw operating profits rise by 40% to €118m.
He said a key factor was a significant improvement in the company’s persistency experience after concerted action by the company over the past 12 months. Murphy highlighted that improving persistency would continue to be critical for the group going forward.
(DW/GK)
Analysts are speculating the bank's turnover for the first half of this year will be even worse than the banks previous six-month deficit of €4.1 billion.
Anglo Irish is expected to have incurred massive losses during its transfer of the first €9.25 billion in loans to the National Asset Management Agency (NAMA), with further losses coming from other loans and investments.
The losses to NAMA are being attributed to AIB's inadequate collateral and poor paperwork, which forced the bank to accept NAMAs value of the loans at a 55% discount, and a loss of €5.1bn.
In early August, the second set of transfers of €6.75bn resulted in a 62% discount and a €4.2bn loss, which is likely to be provided for in today's results.
Today's announcement is expected to be the biggest reported loss in Irish corporate history
Anglo is also expected to post losses on financial derivatives and investments today, and may need to refer to the loans due by businessman Seán Quinn and his family, totalling about €2.8 billion.
Ahead of today's publication, Minister for Justice Dermot Ahern yesterday tried to rubbish speculation that Fianna Fáil and the Green Party are at odds on the bank's future.
He made his comments after Green Party Senator Dan Boyle said his party believed a quicker wind down was the most cost effective way of dealing with the bank.
Also this morning, Irish Life & Permanent has reported a "significant improvement" in its financial performance for the first half of this year despite a loss of €10m.
The results are a significant improvement compared with €51million over the same period in 2009, after a rebound in the life and pensions business.
Kevin Murphy, group chief executive, said the key to the improved performance was a strong recovery in the businesses of Irish Life, which saw operating profits rise by 40% to €118m.
He said a key factor was a significant improvement in the company’s persistency experience after concerted action by the company over the past 12 months. Murphy highlighted that improving persistency would continue to be critical for the group going forward.
(DW/GK)
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Director of Corporate Enforcement Retires
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06 September 2019
Govt Must Publish Full Estimate Of Brexit Job Losses
The government must immediately publish their full estimates of potential job losses across the economy, and to outline their plan to preserve jobs in the event of a no-deal Brexit, Labour leader, Brendan Howlin has said. Mr Howlin made the call in response to the estimate that 10,000 jobs could be lost in the tourism and hospitality industries.
Govt Must Publish Full Estimate Of Brexit Job Losses
The government must immediately publish their full estimates of potential job losses across the economy, and to outline their plan to preserve jobs in the event of a no-deal Brexit, Labour leader, Brendan Howlin has said. Mr Howlin made the call in response to the estimate that 10,000 jobs could be lost in the tourism and hospitality industries.
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