Belfast Telegraph

Anglo Irish reveals big losses drop

Anglo Irish Bank has dramatically reduced losses to just over 100 million euro, down from the record-breaking figures it suffered last year.

Business at the state-owned bank in the first half of the year was hit by losses of 101 million euro compared to 8.2 billion euro in 2010 - the worst in Irish corporate history.

Mike Aynsley, Anglo group chief executive, revealed Ireland remains its worst-affected market.

He said: "The work completed by those in the bank, in conjunction with the authorities, since nationalisation has paved the way for an orderly and effective work out in the best interests of the Irish taxpayer.

"This reflects a major shift in focus for the organisation from being a high octane lender to an effective asset manager of portfolio sales and redemptions. This will remain our priority."

Anglo is facing 900 million euro losses on its loan book - a massive reduction from the 4.7 billion euro announced last year as the National Asset Management Agency took control of large swathes of its lending.

The bank, which is being rebranded as the Irish Bank Resolution Corporation Limited, said Ireland accounts for 82% of the overall losses on loans reflecting the difficult economic environment, further declines in property values, lack of liquidity and high levels of unemployment.

Irish citizens are paying almost 30 billion euro for an orderly wind down of the bank.

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