BoI warns trading conditions worse

BANK of Ireland’s trading update warns that the trading environment in the first six months has worsened for the group.

As a result the bank has signalled its bad debt charge for the six months to September 30, 2009, will be between €1.6bn and €1.8bn.

Because of the weaker economic environment the bank said its guidance to the markets that it would write off €6bn in impaired loans in the three years to March 2011 will go up by at least another €1bn to €7bn.