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29/05/2009
AIB To Get Another Billion Euro Handout
The troubled AIB bank is to receive another handout as its profits and share price continues on a downward spiral.
The Government is to seek EU approval to provide a €4 billion injection to buoy the Bank after it reported a loss of €4.1 billion, warning its losses could even reach €7.5 billion over the next three years.
Anglo's Chairman Donal O'Connor admitted today that the banks lending had been imprudent and the results very disappointing.
Mr O'Connor added that the loss followed significant impairment charges in the bank’s loan portfolio and that the funding position of the bank had weakened since last September.
Suggestions of winding down the bank altogether had been examined he said, but this would have been "very costly for the Irish taxpayer".
Anglo today reported a €4.1 billion pretax loss for the six month period to March 31st, mainly as a result of loan losses of €3.7 billion. The €4.1 billion loss is equivalent to 5.6 per cent of its loan book.
A recent review found that losses were likely to reach €7.5 billion by the end of September 2011. The bank said that under certain stress scenarios this could rise by a further €1.5 to €3.5 billion.
(DW/BMcC)
The Government is to seek EU approval to provide a €4 billion injection to buoy the Bank after it reported a loss of €4.1 billion, warning its losses could even reach €7.5 billion over the next three years.
Anglo's Chairman Donal O'Connor admitted today that the banks lending had been imprudent and the results very disappointing.
Mr O'Connor added that the loss followed significant impairment charges in the bank’s loan portfolio and that the funding position of the bank had weakened since last September.
Suggestions of winding down the bank altogether had been examined he said, but this would have been "very costly for the Irish taxpayer".
Anglo today reported a €4.1 billion pretax loss for the six month period to March 31st, mainly as a result of loan losses of €3.7 billion. The €4.1 billion loss is equivalent to 5.6 per cent of its loan book.
A recent review found that losses were likely to reach €7.5 billion by the end of September 2011. The bank said that under certain stress scenarios this could rise by a further €1.5 to €3.5 billion.
(DW/BMcC)
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