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Wed 10 Oct 2008NIB posts net loss of €49m on €69m bad debt charge
NATIONAL IRISH Bank has posted a net loss of €49 million for the first nine months of the year due to a bad debt charge of €69 million in the third quarter of the year primarily on losses to the building and development sectors.
The bank wrote off loans of €25 million in the first six months of the year, but substantially increased the bad charge on loan losses in the three months to the end of September due to the sharp economic decline since the summer, the poor outlook for 2009 and the conservative approach on loan impairments taken by its parent bank, Danske.
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