National Irish Bank reports €49m pre-tax loss

News Article - 31 October 2008
Category: Business

National Irish Bank (NIB) saw pre-tax losses of €49 million (£38 million) for the nine months up to and including September, the company announced this week.

Part of the loss was due to €94 million in loan impairment charges, which NIB chief executive, Andrew Healy, said was due to the downturn in the Irish economy.

He added that he was not optimistic about the coming year and a half.

"Conditions in local and international financial markets are unprecedented," said Mr Healy.

"National Irish Bank is a branch of Danske Bank Group and it is in difficult market conditions such as these that the size and strength of our group is important."

To highlight this, he explained that the €49 million loss was part of an overall pre-tax profit of €1.3 billion for its parent company.

Earlier in the month, Danske confirmed that it was taking part in a state agreement with the Danish government to guarantee deposits of any amount.

NIB confirmed that its customers would also be covered by the guarantee, meaning it did not have to join the similar scheme from the Irish government.

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