IL&P shares drop by more than 13%

SHARES in Irish Life & Permanent (IL&P) slumped by more than 13% after the group said that its provisions for impaired loans, for the second half of the year, are likely to be greater than previously anticipated.

In a trading update, the financial services group said that its banking arm, Permanent TSB’s second-half impairment provisions should be “broadly in line” with the first half.

“This is higher than previously guided by the group, with the largest element of the increase being in respect of commercial property where values continue to decline,” it added.