FINANCE: Allied Irish Bank shed €4.6bn (£3.6bn) of impaired loans in the three months to the end of September, taking the year to date total to around €24.3bn.
The bank has also seen an 11% reduction in the number of Irish residential mortgage accounts in the year to date.
It said the reduction in impaired loans was “driven by increased restructuring activity and by the pace of migration to newly impaired loans declining as economic conditions improved”.
“Specific provision to impaired loans coverage reduced marginally to 53% at the end of September 2014, reflecting the improving economic environment as well as write-offs on restructured loans,” it added.
