NIB sets aside bad debts fund as losses top €496m in nine months

NATIONAL Irish Bank, a subsidiary of Danske Bank, said yesterday it is setting aside €544 million in bad debt provisions following a surge in operating losses by the Irish group.

NIB has posted losses of €496m for the nine months to the end of September compared with losses of just €49m for the same period last year.

The €544m set aside is up from €93.8m and accounts for about 20% of its total lending in the Irish market. Most of the impairment charges relate directly to the bank’s lending in the commercial property area, it said.