Allied Irish Banks reports initial annual loss

David Sharrock Ireland Correspondent & , : {}

Allied Irish Banks currently reported the initial full-year net loss in the 44-year history.

Irelands greatest bank, that was founded in 1966, posted a net loss of €2.3 billion (�2.1 billion) for the twelve months to Dec 31, 2009, compared with a distinction of €890 million a year earlier. The loss was next researcher expectations of €2.9 billion.

AIB pronounced that the 2009 handling distinction prior to supplies increasing somewhat from the prior year to roughly €3 billion, but that the bank swung in to the red after receiving supplies especially on loans to the building a whole and skill sector.

Colm Doherty, the banks new handling director, told RTE, the state broadcaster, this sunrise that costs would fundamentally climb this year opposite the range of products, together with mortgages.

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Allied Irish, in that the Government acquired a twenty-five per cent surreptitious interest last year, suggested that it would send skill loans value up to €23 billion to the National Asset Management Agency, the bad bank determined by the Government to hoop poisonous loans from Irelands detonate skill bubble. That is somewhat less than an progressing guess of €24 billion.

After the send of loans to NAMA, AIB Irish operation"s loans will sum about €58 billion, that is homogeneous to we estimate 55 per cent of the group"s loan portfolio.

The bank pronounced in a matter that this year it "will prioritise restructuring and restoring the businesses to underpin viability, and renewing the group"s credit amongst all the stakeholders".