IBRC continues to rack uphefty losses amid wind-down

The Irish Bank Resolution Corporation (IBRC) posted a loss of €724m for the first six months of this year. Operating profit for the period was €359m, but that was more than offset by a €1.09bn impairment charge.

Group chief executive of IBRC Mike Aynsley said: “The first six months of 2012 continued to present significant economic challenges for IBRC. Notwithstanding the continued macro economic challenges, the six-month period to 30 June 2012 was one of relative operational stability and steady progress towards the orderly wind-down of the bank.”

Net interest income for the six months was €538m, which was a 14% increase on the previous six months. Of the €1.09bn impairment charge and other provisions, there was a specific lending impairment charge of €878m.