Losses at banks to hit €100bn, says Dukes

ANGLO Irish Bank is expecting to show a loss of €17.6 billion for 2010, the largest annual loss in the country’s corporate history, as the institution’s chairman, Alan Dukes, said the Irish banking system’s total losses may amount to €100bn.

Mr Dukes also stated that “a clean banking core will require something in the region of €50bn.

“A clean banking restructuring implies the acceptance of irrecoverable losses,” he added.