Losses at bank double to €1.2bn

BANK of Ireland’s losses almost doubled to over €1.2 billion in the first six months of 2010.

In the six months to 30 June the bank wrote off €1.3bn in bad debts, of which €466m was incurred on loans transferred to NAMA.

Before the impairment charges the bank recorded an operating profit of €553m, a fall of 32% on the same period last year.