IL&P sees predicted loss of €197m

A 36% INCREASE in losses at its retail banking division denied Irish Life & Permanent (IL&P) the significant narrowing in group operating losses it had anticipated in 2010.

The financial services group yesterday reported group operating losses of €197 million; in line with the previous year’s €196m loss. The life division put in a strong performance, showing a 57% operating profit increase to €160m; but Permanent TSB had a 36% fall in its profits to €364m.

This latter figure was driven by an impairment charge of €420m — €242m of which was directly set aside to cover its Irish residential mortgage book.