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AIB records worst Irish loss after a £13bn hit on bad loansPremium Article !Your account has been frozen. For your available options click the below button. Options Premium Article !To read this article in full you must have registered and have a Premium Content Subscription with the The Scotsman site. Subscribe Registered Article !To read this article in full you must be registered with the site. Sign InRegister
« Previous « PreviousNext » Next »View GalleryPublished Date: 01 April 2010 By Erikka Askeland ANGLO Irish Bank, the leading casualty of Ireland's banking crisis, yesterday reported the biggest loss in the country's history. It revealed a 12.7 billion (£11.3bn) loss in the 15 months to the end of last year as it took a massive hit of 15.1bn in write-downs on its bad loans.
The bank's accounts were released a day after the Irish government revealed it was pumping a fu ADVERTISEMENTrther 8.3bn into the bank, bringing its total support to 12.3bn in 2009.
The Dublin-based bank, which was nationalised in January 2009, said its position had deteriorated sharply since May when it predicted that impairment losses were likely to total 7.5bn.
AIB chairman Donal O'Connor yesterday said: "Unfortunately, our stress scenarios have been more than realised and reflect the very severe deterioration in asset values in the marketplace since March 2009."
AIB delayed releasing its results as it awaited European regulatory approval of the state's cash injection. The European Commission also announced it would investigate the government aid received by AIB and its accompanying restructuring plan.
Earlier, Bank of Ireland, the healthiest of the country's battered banks, reported a 1.47bn loss for the final nine months of 2009 as it booked impairment charges of just over 4bn on bad loans.
Some legislators have called for AIB to be wound up, but Irish finance minister Brian Lenihan said that would be far more expensive, costing the state an immediate loss of 30bn while also stumping up 70bn to cover the bank's liabilities. He believed AIB could recover and return to private ownership within seven years.
AIB intends to place 36bn in dud loans ? the largest amount for any Irish bank ? in the National Asset Management Agency (Nama), the "bad bank" set up to deal with the crisis. Initially, AIB will placing 10bn in Nama at a discount of about 50 per cent.
AIB ? a specialist commercial lender that took great risks from which it profited handsomely during the Celtic Tiger's Europe-leading property boom of 1994-2007 ? faced catastrophic losses when the Irish property-speculation bubble burst in 2008. It was also an aggressive lender to property firms in Scotland, with clients including WG Mitchell, the McKever Group of hotels and FM ? all of which went into receivership last year.
The bank, which has offices in Glasgow and Edinburgh, had 200 corporate customers and an estimated £700 million in loans in Scotland, although it did not confirm current client numbers.
Earlier in March, former chairman Sean FitzPatrick and former finance director William McAteer were arrested and quickly released as part of a continuing criminal investigation into the bank's affairs.
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Last Updated: 31 March 2010 8:31 PM Source: The Scotsman Location: Edinburgh Bookmark: Del.icio.us Digg Facebook reddit StumbleUpon 1 No longer a bank official, UK 01/04/2010 01:18:37 Anglo Irisb Bank are NOT referred to as AIB. AIB are Allied Irish Bank PLC - a separate entity (also in trouble, but not by as much as Anglo Irish)Report Unsuitable2 Colin RB, Bearsden 01/04/2010 09:37:22 Very poor and lazy journalism here- as above commentator says AIB is Allied Irish Banks not Anglo Irish BankReport Unsuitable3 Andra, Dundee, 01/04/2010 10:20:22 LOL - they must have a student seconded to this department this week!Report Unsuitable
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Société Générale - Allied Irish Banks "hold" 11:25 01.04.10
Paris (aktiencheck.de AG) - Omar Keenan, Patrick Lee und Alan Webborn, Analysten der Société Générale, stufen die Aktie der Allied Irish Banks (Profil) von "buy" auf "hold" herab. Das Kursziel sehe man bei 1,35 EUR. (01.04.2010/ac/a/u)
Offenlegung von möglichen Interessenskonflikten: Mögliche Interessenskonflikte können Sie auf der Site des Erstellers/ der Quelle der Analyse einsehen.
: Für Mutige - Kursziel aber immer noch bei 2 ?uro
.......Das Kursziel der Allied-Irish-Aktie lautet 2,00 Euro, der Stoppkurs sollte bei 0,90 Euro platziert werden. Das Kursziel der Anteile der Bank of Ireland beträgt 1,80 Euro, der Stoppkurs sollte bei 0,85 Euro platziert werden.....
* Deutsche Bank Real-Time Indikationen basieren auf Preisen von der Deutschen Bank emittierten Produkten. Diese Produkte versuchen, den jeweiligen Index 1:1 zu tracken.
Die Preisstellung erfolgt börsentäglich zwischen 09:15 und 17:15.