NIB reports losses of €49m

National Irish Bank has reported losses of €49m for the nine-month period to the end of September, compared to a profit of €11m for the same period last year.

Owned by the Denmark's Danske Bank group, NIB blamed the necessaity of loan impairment charges (€94m) and "the very sharp downturn in economic and market conditions" for the turnaround in its fortunes.