NIB reports loss of €661m

National Irish Bank has reported a pre-tax loss of €661m for the 12 months to December 31, which it has described as "possibly the worst year in Irish banking history".

In its yearly results out this morning the bank reported an operating profit before impairment charges of €42m but revealed it had set aside €704m for impairment charges, leading to a pre-tax loss of €661m.