Anglo to post loss of €17.6 billion

 

Anglo Irish Bank said today it expects to report a loss of €17.6 billion for 2010, setting a new record for Irish corporate history.

The spectacular figure exceeds the €12.8 billion Anglo lost during the 15 months to the end of December 2009 and compares with the €31.75 billion that was Ireland’s total tax take during 2010.

During the year the State pumped an extra €17 billion into the now nationalised bank.

The bank issued unaudited figures for its 2010 performance today that showed its customer deposits dropped by almost 60 per cent, to €11.1 billion, from the €27.2 billion that was on deposit at the beginning of 2010.

The bank is dependent on funds from the Irish and European Central Bank and had borrowings of €45 billion from them at the end of the year.

After it has completed transferring loans to the National Asset Management Agency, the remaining loans in Anglo will be approximately €35.8 billion in nominal value, against which the bank is making provision of €8.8 billion. At its peak, Anglo had loans to customers worth a nominal €73 billion.

Support from the State had reached €25.3 billion by the end of the year, allowing the bank stay within capital requirements set by the Central Bank.