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17/04/2009
Irish Nationwide Writes Off €millions
One of Ireland's leading lenders, Irish Nationwide, has been forced to write off almost half a billion euro in bad loans, it was revealed today.
The company's returns revealed an after-tax loss of €243m for last year compared with an after-tax profit of €309m a year earlier.
In a statement with the results, Irish Nationwide said: "While we hope that markets will be less disrupted than in 2008, the expectation is that 2009 will continue to be a difficult year for the Irish economy and the markets in which we operate.
"The society's ability to remain a going concern and achieve its business plan is dependent on the continuation of Government support.
"As a systemically important institution, Irish Nationwide was included in the guarantee scheme.
"The Irish Government is committed to ensuring the continued viability and stability of systemically important credit institutions," the statement continued.
In total the lender detailed impaired loans worth €464m. However, Irish Nationwide is confident "that it remains a viable lender so long as the Government continues to support it".
Irish Nationwide is one of a number of banks covered by the Government's guarantee scheme which commits to protect deposits and debts for two years.
(BMcC/JM)
The company's returns revealed an after-tax loss of €243m for last year compared with an after-tax profit of €309m a year earlier.
In a statement with the results, Irish Nationwide said: "While we hope that markets will be less disrupted than in 2008, the expectation is that 2009 will continue to be a difficult year for the Irish economy and the markets in which we operate.
"The society's ability to remain a going concern and achieve its business plan is dependent on the continuation of Government support.
"As a systemically important institution, Irish Nationwide was included in the guarantee scheme.
"The Irish Government is committed to ensuring the continued viability and stability of systemically important credit institutions," the statement continued.
In total the lender detailed impaired loans worth €464m. However, Irish Nationwide is confident "that it remains a viable lender so long as the Government continues to support it".
Irish Nationwide is one of a number of banks covered by the Government's guarantee scheme which commits to protect deposits and debts for two years.
(BMcC/JM)
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Around €10 billion is to be pumped into the Irish Republic's banking system by the Government in a bid to recapitalise all its listed banks. The money will be available to AIB, Anglo-Irish, Irish Nationwide, Irish Life & Permanent and Bank of Ireland, which owns the Bristol & West Bank.
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Ireland WeatherThis Evening and Tonight:A dry evening with some pleasant late sunshine. Then staying dry overnight with some clear intervals, and some high cloud. There will be some areas of fog around the coasts of Down and Antrim. Minimum temperature 11 °C.
