Irish bank profits to be slashed by debt write-offs

MASSIVE bad debt write-offs are expected to cut billions of euro off the profits of Ireland’s main financial institutions — AIB Bank, Bank of Ireland, Irish Life and Permanent and Anglo Irish Bank — over the next 12 months.

The banks shares prices have already been punished with the value of Irish financial stocks losing more that €35 billion in the last 12 months alone.

Yesterday, stockbrokers Merrion Capital updated their profit projections for the main Irish banks and the results show massive falls in profits at all the main banks.