NIB posts €661m loss in 'worst year' for Irish banking
National Irish Bank has reported a pretax loss after setting aside cash for loan impairments during what it said may have been "the worst year in Irish banking history."
NIB had a pretax loss of €661m in 2009 as it put aside €704m for impairment charges, the company said in an e-mailed statement today.
“Our 2009 results reflect the severe economic recession and what has possibly been the worst year in Irish banking history,” NIB Chief Executive Officer Andrew Healy said in the statement.
Lenders are putting aside more cash to cover bad debts as property loans sour after a decade-long construction boom ended.
The Government is setting up the National Asset Management Agency to take on €80bn of property loans as it seeks to repair the financial system.