ANGLO IRISH BANK REPORTS WORST SET OF FIGURES IN IRISH CORPORATE HISTORY - Anglo Irish Bank has confirmed losses €17.7 billion for last year. The defunct bank's audited accounts have been released ahead of the publication of stress tests on other Irish banks. They are the worst set of figures of any business in Irish corporate history.
Anglo's chief executive Mike Aynsley says the figures for 2010 include losses on the transfer of loans to NAMA. He says the bank managed to make €1.8 billion in profits generated from its underling operations which included a debt management exercise. He says the Government has been 'incredibly helpful' during the year and says that the bank has received €29.3 billion in support so far. He adds that he is confident the Irish taxpayer won't need to put any more money into the bank. Mr Aynsley says that the problems in the banking industry are not confined to Ireland, but are affecting other peripheral countries in Europe.
The Anglo CEO says that the bank had a workforce of 1,800 when it was nationalised, which was then cut to about 800. 200 staff were transferred to AIB when the bank transferred its deposits last month. He predicts the bank will have a workforce of about 1,000 by the end of the year and says that a lot of extensive work has been done on restructuring.
Mr Aynsley says that the work by independent experts on the stress tests has been thorough and deep. Admitting that the numbers of between €18-25 billion are big, he says they are to be expected. He says the banking system has developed 'black holes' which need to be funded. The banks also need adequate supplies of capital as the country needs a healthy banking system to ensure a healthy economy.
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MORNING BRIEFS - On the currency markets, the euro is worth $1. 41 52 US cents and 87.86 pence sterling
