No rate rise despite €341m NIB losses

NATIONAL Irish Bank made pre-tax losses of €341 million in the six months to June 30, 2010.

The bank, which is undergoing radical restructuring involving closure of half of its branch network, said it has no plans to raise interest rates in line with the other banks.

The bank, a subsidiary of Danske, Denmark’s largest bank, saw some improvement, but has had to allow for a €367m in write offs in the first half, against a higher provision of €379m for the same period in 2009, most of which was caused by property lending.