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30th August 2011

Minor loss only at Anglo Irish

Anglo Irish reported a net attributable LOSS of €104m (£92m $150m ¥11.5bn Y957m) for the half year compared with a year ago LOSS of €8.21bn. No surprise that the difference was mainly due to impairments which were €8.32bn a year ago and €431m this year. The impairments are lower in large part to the fact that most of the loan portfolio have either been written off or sold, mainly to NAMA, the state asset manager.

None the less the result is a significant positive sign for Ireland that it is working through its banking problems.