Morning business news - Nov 4
Wednesday, 4 November 2009 10:40
BoI UNCERTAINTY ON FINAL NAMA FIGURE - Bank of Ireland has reported half-year results, saying there are some indications of a slowdown in the rate of economic decline in Ireland, but it says the outlook remains challenging.
It announced half losses of almost €1 billion for its six-month accounting period to the end of September.
Dolmen's Oliver Gilvarry said there was some uncertainty about NAMA, with the bank saying the final discount on loans it was transferring to the agency would be known only when all the loans had been valued. The bank had previously signalled that the discount would be significantly less than the overall 30% NAMA figure.
Mr Gilvarry said the €1.8 billion hit for loan losses was in line with the bank's previous indications, and the bank's estimate for the three years to March 2011 was also unchanged.
The analyst said the bank's loan/deposit ratio - the amount given out in loans in relation to the bank's deposits - had improved to 1.52, indicating that funding issues were not as great as they were earlier this year.
- Morning Ireland: The 7.10 bulletin: Bank of Ireland's half-year losses of almost €1bn were disclosed in results released this morning. The bank describes uncertainties surrounding NAMA and says that impaired loans for the period were €1.8bn
- Morning Ireland: The 7.50 bulletin: Head of Research at Dolmen Stockbrokers, Oliver Gilvarry, on results from Bank of Ireland. The bank says trading conditions in the six months had remained difficult, and while there were signs that the decline in the Irish and UK economies had slowed, the outlook remained tough
