Anglo Irish Bank has reported a loss of €17.7 billion for 2010 as the bank recorded almost €8 billion in impairment charges and lost some €11.5 billion on loans transferred to the National Asset Management Agency (Nama).
The audited results are slightly higher than the €17.6 billion loss the bank estimated in February that it would have for last year. The loss is the highest in Irish corporate history.
Anglo Irish Bank chief executive Mike Aynsley said he does not expect the taxpayer to have to put more money into the lender.
The bank still expected to come "very much" at the bottom end of the €29.3 billion to €34.3 billion range outlined last year, told RTÉ radio.
In terms of the capital injections to be outlined today into other banks, he said "we're all hearing between" €18 billion and €25 billion.
This compares with a €12.8 billion loss the bank recorded in the 15 months to the end of December 2009.
In its audited results for last year published this morning, Anglo said its impairment charges included €2.6 billion relating to Nama loans.
The bank has received €29.3 billion from the State in capital support over the past two years, with an additional €6.4 billion in its promissory note as of December 31st.
It expects to transfer an additional €1.1 billion in loans to Nama. Once it has completed its Nama transfers, nominal customer loans at the bank will be about €35.8 billion.
When impairment charges and losses on the Nama loans were excluded, the lender’s operating profit was €1.8 billion for the year, a figure the bank attributed to the liability management exercise it implemented towards the end of 2010.
Customer deposits have fallen from €27.2 billion in 2009 to €11.1 billion at the end of last year.
The bank remains heavily dependent on funds from the Irish and European Central Bank, reporting borrowings of €45 billion from them at the end of 2010.
In February, Anglo was ordered to transfer most of its customer deposits in the UK and Ireland to AIB, beginning a process to wind down the bank.
According to the annual report, Mr Aynsley's total remuneration for last year came to €974,000. The package included salary of €500,000, other benefits of €341,000 and employer pension contributions of €133,000.
Additional reporting: Bloomberg
