Ireland’s nationalised lender,
Anglo Irish Bank, made a pre-tax loss of €12.7bn ($17.2bn) after an
“exceptionally difficult” 15 months to December 2009.

The beleaguered Irish bank posted
the result, reportedly the largest corporate loss in the history of
the Republic of Ireland, a matter of days after the Irish
government said it would inject a further €8.3bn into the bank.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Capital support now totals €12.3bn
since the bank was nationalised in January 2009.

Ireland’s finance minister Brian
Lenihan said the capital injection was “the least worst option”,
according to a BBC report.

The bank’s bad debt write-downs for
the period totalled €15.1bn, of which €10.1bn would be transferred
to the state-run “bad bank” – the National Asset Management Agency
(Nama).

Similar to its peers, Anglo Irish
has suffered severe difficulty since the collapse of the Irish
housing market in 2008, leaving it with substantial debts.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The bank said that following the
completion of loan asset transfers to Nama, customer loans will be
approximately €36.5bn.

Customer deposits declined from
€51.5bn at the end of September 2008 to €27.2bn at the end of
2009.

Net interest income was €1.5bn for
the 15 months to the end of 2009, down 35% on a like-for-like basis
compared to the year before.

The state has also been forced to
take a 25% stake in Allied Irish Banks (AIB) and 16% in Bank of
Ireland (BoI), the country’s largest lender.

BoI reported a loss of €1.8bn for
the nine months to 31 December, while AIB recorded a net loss of
€2.4bn ($3.3bn) compared with a net profit of €772m in 2008.

AIB has also confirmed that First Trust, its bank in Northern
Ireland, is up for sale as part of its efforts to raise €7.4bn and
also plans to transfer €23bn worth of loans to Nama.