NIB reports losses of more than €550m

National Irish Bank has reported losses of more than €550m last year.

The bank said today that the loss was due to a one-off goodwill write-off of almost €400m and a raised loan loss impairment of €228.

The company says its profit before impairment charges was actually up by a massive 144% to €71m, with income up 13% and costs falling 12%.

NIB chief executive Andrew Healy says the bank has taken a realistic view of likely bad-debt losses as a result of the recession and has adopted measures to manage its way through the current difficulties.

He also says the bank is well capitalised, its deposits have been guaranteed by the Government and it is part of a strong international banking firm - Danske Bank Group - which is fully committed to Ireland.