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Bank loses €8m so far this year

BANKING group National Irish Bank has reported an operating loss of €8m for the nine months to the end of September, down from the operating profit of €32m the same time last year.

The company said that costs rose by 44pc to €102m due to the expenses associated with the reorganisation of the bank's retail business.

NIB has already announced that it is cutting 100 jobs and closing its network of 27 branches nationwide. Customers will be served through nine 'personal banking centres'.

The bank, which is owned by Danske Bank, said it was putting aside €578m for loan impairment charges, down 9pc on the same time last year.

The bank said the quality of its €3.2bn mortgage loan book remained 'satisfactory'.

Country manager Terry Browne said NIB's performance during the first nine months of the year was expected, given the challenging economic conditions.