Menu
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)
Related Irish News Stories
Click here for the latest headlines.
10 May 2012
New Name For Northern Bank
Danske Bank has announced a new organisational set-up for its operations in Northern Ireland and Ireland. The new structure will take effect on 1 June 2012. The re-organisation mirrors a similar Group wide set-up being introduced in all Danske Bank operations.
New Name For Northern Bank
Danske Bank has announced a new organisational set-up for its operations in Northern Ireland and Ireland. The new structure will take effect on 1 June 2012. The re-organisation mirrors a similar Group wide set-up being introduced in all Danske Bank operations.
31 October 2013
Danske Bank To Cut 150 Jobs
Danske Bank Ireland has announced it is to cut 150 jobs as a result of a restructuring of its banking operations in Ireland. The bank, formerly known as National Irish Bank, is to withdraw from the personal banking market to focus on its corporate operations. It is understood that the job losses will be compulsory.
Danske Bank To Cut 150 Jobs
Danske Bank Ireland has announced it is to cut 150 jobs as a result of a restructuring of its banking operations in Ireland. The bank, formerly known as National Irish Bank, is to withdraw from the personal banking market to focus on its corporate operations. It is understood that the job losses will be compulsory.
05 August 2009
Irish Bank Losses Rising
Northern Ireland's First Trust Bank has lost £41m, according to the latest financial statement. The report also detailed how this led to a £28m loss at the parent company Allied Irish Bank group's UK operation. AIB in The Republic has also reported a pre-tax loss of €872m for the first six months of its financial year.
Irish Bank Losses Rising
Northern Ireland's First Trust Bank has lost £41m, according to the latest financial statement. The report also detailed how this led to a £28m loss at the parent company Allied Irish Bank group's UK operation. AIB in The Republic has also reported a pre-tax loss of €872m for the first six months of its financial year.
31 January 2012
Director of Corporate Enforcement Retires
The Minister for Jobs has announced that Paul Appleby, the Director of Corporate Enforcement, is to retire at the end of February.
Director of Corporate Enforcement Retires
The Minister for Jobs has announced that Paul Appleby, the Director of Corporate Enforcement, is to retire at the end of February.
13 February 2009
IL&P Directors Resign In Anglo-Gate Furore
Two senior figures in Irish Life & Permanent have resigned as the Anglo Irish Bank scandal comes to the boil. A spokesman revealed this morning that the group Finance Director Peter Fitzpatrick and Treasury Head David Gantly have tendered their resignation after a board meeting last night.
IL&P Directors Resign In Anglo-Gate Furore
Two senior figures in Irish Life & Permanent have resigned as the Anglo Irish Bank scandal comes to the boil. A spokesman revealed this morning that the group Finance Director Peter Fitzpatrick and Treasury Head David Gantly have tendered their resignation after a board meeting last night.
-
Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.
