Majority of loans are still ‘at risk’

In a way this is the most straightforward set of results IBRC chief executive Mike Aynsley has had to deliver since he took the top job at the beleaguered institution.

A lot of the heavy lifting has been done. All that remains for Mr Aynsley is for an orderly wind-down of the bank between now and 2020 — apart from the sideshow that is Sean Quinn and the ongoing legal tussle between the two over who is owed what.

But that is not to say IBRC’s latest set of accounts were not a cause for concern. The quality of the loan book is deteriorating at an alarming pace. Total eventual losses over the bank’s remaining lifespan are forecast to come in between €25bn-€29bn.