Tags: Anglo | Irish | Bank | Loss

Anglo Irish Bank Posts $17 Billion Loss

Wednesday, 31 Mar 2010 01:44 PM

Nationalized Anglo Irish Bank posted a 12.7 billion euro ($17 billion) loss for the 15 months to December, meeting expectations that it would report the largest loss in Irish corporate history.

The bank said on Wednesday it had booked impairment charges of 15.1 billion euros, of which two-thirds were on assets to be transferred to the National Asset Management Agency (NAMA), Ireland's "bad bank."

The government, which had already pumped 4 billion euros of capital into the lender, on Wednesday injected another 8.3 billion euros via a promissory note and said Anglo could need another 10 billion euros to cover future losses.

Pending EU approval, the remainder of Anglo after the NAMA transfers will be split further into two, with a functioning lender to be sold off and a bad bank of its own.

"The restructured organization will have a role to play in the national recovery, acting as a domestic and international fundraising platform for the Irish economy and providing commercial banking services to assist Ireland's recovery and growth," Chief Executive Mike Aynsley said in a statement.

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Nationalized Anglo Irish Bank posted a 12.7 billion euro ($17 billion) loss for the 15 months to December, meeting expectations that it would report the largest loss in Irish corporate history. The bank said on Wednesday it had booked impairment charges of 15.1 billion...
Anglo,Irish,Bank,Loss
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2010-44-31
Wednesday, 31 Mar 2010 01:44 PM
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