Anglo losses set to double to €14bn

ANGLO Irish Bank is expected to report bad loan losses of €14 billion for the 15 months to end December, 2009, almost double the amount it had previously indicated.

Last May, the bank’s interim statement said bad debt writeoffs of €7.5bn were on the cards after posting more than €4bn first half losses.

The latest unconfirmed figures for the 15 months to end December 2009 suggest that the Government may have to pump significantly more than the €6bn in additional funding into Anglo to prevent it going under.