Belfast Telegraph

Ex-Anglo Irish loses 724m euro

The former Anglo Irish Bank has recorded losses of almost three-quarters of a billion euro in the first six months of the year.

The state-owned financial house lost 724 million euro up to the end of June, compared to a pre-tax loss of 873 million euro for the whole of last year.

It revealed it had an operating profit of 359 million euro and blamed the loss on disposals and provisions of more than a billion euro.

Mike Aynsley, group chief executive of the rebranded Irish Bank Resolution Corporation Limited, said the start of the year continued to present significant economic challenges for the institution.

"Notwithstanding the continued macro-economic challenges, the six-month period to June 30 2012 was one of relative operational stability and steady progress towards the orderly wind-down of the Bank," he said.

In its interim report, the bank - which is winding down Anglo and Irish Nationwide - said it had reduced its operating expenses to 129 million euro and non-staff costs by a fifth. Staff numbers have been cut by 15%, with 256 people working either directly in, or providing support to, the Bank's NAMA unit and another 775 employed elsewhere.

The bank also said it had continued to actively manage and vigorously defend all legal claims, but denied it had a vendetta against former tycoon Sean Quinn and his family.

"We don't have a vendetta against anyone," Mr Aynsley told RTE. "Our job is to recover the money that is owed to us and we are just going about our business doing that."

Last month a court ruled Mr Quinn Sr, his son Sean Jr and nephew Peter Darragh Quinn were in contempt after assets worth millions were put out of reach of the bank. The IBRC claims the Quinns owe it about two million euro.

"We are just hoping the Quinns do what the court has asked them to do and they comply with the orders to purge their contempt and return the assets to where they should be," Mr Aynsley added.

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