The Irish Bank Resolution Corporation (IBRC) suffered a €724m (£572m) loss in the six months to the end of June.
The loss was primarily due to impairment charges and other provisions totalling €1bn, and compares with a €105m loss for the same period last year. IBRC reported a profit of €359m for the first six months of this year and focused on trimming expenditure, bringing operating costs down to €129m from €157m during the period. The bank also reduced the number of staff by 15%.
Impaired loans totalled €18bn and accounted for around 40% of the bank’s total loan book.
IBRC, formed last year, is managing the wind-down of loans from Anglo Irish Bank and Irish Nationwide Building Society. The banks aims to complete the process “in an orderly manner” by 2020.
sophia.furber@estatesgazette.com
