Belfast Telegraph

Rogue lender Anglo Irish Bank cuts losses to €100m

The Republic of Ireland's rogue lender Anglo Irish Bank has dramatically reduced losses to just over €100m (£88m), down from record-breaking figures it suffered last year.

Business at the Irish government-owned bank in the first half of 2011 was hit by losses of €101m (£89m) compared to €8.2bn euro (£7.2bn) in 2010 - the worst in Irish corporate history.

Mike Aynsley, Anglo group chief executive, said Ireland remains its worst-affected market: "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."

Anglo is facing €900m (£795m) losses on its loan book - a massive reduction from the €4.7bn (£4.1bn) announced last year as the state-owned bad bank, the National Asset Management Agency, took control of large swathes of its lending.

Anglo has also this year taken control of the bust building society Irish Nationwide.

Belfast Telegraph