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April 1, 2010    

Anglo Irish Bank reports record loss

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by Kay Murchie
”Anglo

Anglo Irish Bank, which was nationalised in January 2009, has admitted to experiencing a difficult 15-months.

The bank has announced it made a loss of €12.7 billion (£11.4 billion) for the 15 months to the end of December.

The news came just a day after the Bank of Ireland reported a loss of €1.8 billion in the first nine months of its financial year.

The Bank of Ireland also announced it would need to raise €2.7 billion to strengthen its balance sheet and is in talks with investment banks to raise capital after selling property loans to Ireland’s “bad bank”.

Irish banks have been hit by the global recession and, in particular, the slump in the country’s property market. This has resulted in a fall in the value of investments linked to the property market.

Ireland’s Finance Minister, Brian Lenihan, said Anglo Irish Bank may need an additional €10 billion of taxpayers’ money - bringing the total rescue fund to €22.3 billion.

Earlier this week, Mr Lenihan said that finding a long-term solution for Anglo Irish Bank was “by far the biggest challenge in resolving the [Irish] banking crisis”.

“The unavoidable reality is that the bank has incurred losses from its large-scale property lending and needs substantial further capital,” added Mr Lenihan.

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