Business Irish

Tuesday 24 October 2017

AIB says pace of mortgage arrears down in third quarter

ALLIED Irish Banks said today that the pace of mortgage arrears was down ‘significantly’ in the third quarter.

It added that there are signs of stabilisation in the credit quality of the bank’s loan portfolios with the pace of new impairments slowing significantly year on year. 

And it said that its trading performance in the quarter ended September continued to improve in line with expectations.

The State-owned bank said its capital ratios remain broadly in line with 30 June 2013 levels and significantly above the minimum regulatory requirements.

Following the recent announcements as part of the Irish budget in October 2013, AIB initially estimates a charge of about €60m per annum will arise during 2014, 2015 and 2016 as a result of the introduction of an annual banking levy

“ In relation to the proposal to alter the tax provision which currently restricts the use of Irish tax losses carried forward by NAMA banks, the bank notes that this change will facilitate a faster utilisation of current deferred tax levels,” it added.

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