Belfast Telegraph

Losses at Irish Life reduced by 80%

Irish Life and Permanent has announced its operating losses for the first half of this year narrowed by 80% to 10 million euro.

The financial services group, which reported a 51 million euro loss for the same period last year, put the result down to a strong performance by its Irish Life business.

The pensions arm posted profits of 118 million euro for the six-month period, up 40% on 2009.

However, banking business Permanent TSB lost 131 million euro, with arrears in Irish mortgages rising by more than a quarter.

Irish Life and Permanent also announced it has submitted a plan to merge with EBS Building Society.

Group chief executive Kevin Murphy said a merger between Permanent TSB and EBS could help create a third force for Irish banking but admitted that the group has difficult months ahead.

He said: "2010 will be a year of change in the Irish financial services market and will continue to be a year of challenge for our businesses.

"For the second half of 2010 the bank is expected to continue to record losses while the life business should continue its recovery."


From Belfast Telegraph