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April 1, 2010

Anglo Irish posts €12.7bn loss

by Gill Montia

Story link: Anglo Irish posts €12.7bn loss

Anglo Irish Bank has posted a €12.7 billion loss for the 15 months to December 2009.

The lender described the period since its nationalisation in January of last year as “exceptionally difficult” as it faced write downs of over €15 billion.

Earlier this month, the former chairman of Anglo Irish was arrested following an investigation into financial irregularities at the bank.

Sean FitzPatrick resigned as chairman in December 2008, having admitted to temporarily transferring loans of €87 million with Anglo Irish to another bank, before the group’s financial year end.

Anglo Irish’s troubles overshadow the pre-tax loss of €1.8 billion reported yesterday by Bank of Ireland, for the nine months to end-December.

However, both banks will benefit from the Irish Government’s National Asset Management Agency, which has been set up to acquire €82 billion of dodgy loans across the Republic’s banking sector.

The transfer of an initial tranche of debt from Irish Nationwide Building Society and EBS Building Society has already taken place and transfers from Anglo Irish Bank, Bank of Ireland and Allied Irish Banks will occur early next month.

 

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Related stories to: Anglo Irish posts €12.7bn loss

Anglo Irish posts €4.1bn half-year loss  ...

Former Anglo Irish chairman arrested  ...

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