IL&P reports €220m pre-tax loss for first half of year

IRISH Life & Permanent (IL&P) has reported a pre-tax loss of €220 million for the first half of 2009; down from a profit of €62m for the same period last year.

Rising funding costs and impairment charges to cover loan arrears also transformed last year’s first-half operating profit of €300m into an operating loss of €51m for the first six months of this year.

The group’s management – chief executive Kevin Murphy and finance director David McCarthy – said while second-half performance will likely be in line with the first half; 2009 should represent the peak for much of its problems, including mortgage arrears concerns.