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News : Irish Last Updated: Aug 29, 2011 - 4:33 AM


Anglo Irish Bank reports H1 2011 loss of €101m
By Finfacts Team
Aug 26, 2011 - 2:51 PM

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Anglo Irish Bank, the nationalised builders' bank,  today reported a pre-tax loss of €101m for the first six months of 2011, which compares with a loss of €8.2bn in the same period last year.

In the half year, Anglo's total bad debts , fell to €778m, from €4.7bn in the same time last year, reflecting a plunge in loan balances because of the transfer of assets to the National Asset Management Agency.

Anglo said impaired loans by the end of June totaled €16.9bn, representing 52% of overall loan balances compared to 48% by the end of December, 2010.

Anglo Irish Bank chief executive Mike Aynsley commented that the bank is no longer a "systemic" risk, and he estimated the final cost of bailing out Anglo Irish Bank could be lower than expected. 

Aynsley said the final bill could be in the range €25bn and €28bn, compared with the Central Bank's estimates of up to €34bn under worst-case stress-test scenarios.

The Government has provided support of €29.3bn to Anglo Irish to date.

Speaking at the publication of Anglo’s first half results today, Aynsley said that one reason why the final cost for Anglo may be lower was that the imminent sale of Anglo’s $9.6bn US loan book would reduce an element of “stress risk” for the bank.

If the final bill for Anglo is lower than previously estimated, this could result in the lender being left with a capital surplus, which would returned to the State.

Results detail (pdf)

Anglo Irish Bank closed at 22 euro cent on the Irish Stock Exchange, on January 15, 2009 - - its last day of trading before becoming a State-owned bank.

On February 21, 2007, the ISEQ index rose to an-all time high of 10,041 and the Financial sub-index rose to 18,098. Bank of Ireland closed at €18.65; Anglo Irish closed at €16.64 and AIB closed unchanged at €23.95.

A year later, on February 21, 2008, AIB closed at €13.80, Anglo Irish Bank finished at €8.84, while Irish Life & Permanent closed at €10.20 and Bank of Ireland traded at €9.50.

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© Copyright 2011 by Finfacts.com

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