Anglo may face further €9.5bn loss

A further "horrendous loss" of €9.5bn may have to be faced up to by Anglo Irish Bank, the chief financial officer of the now state-controlled bank told an Oireachtas Committee this afternoon.

Anglo has already recieved €14.2bn in taxpayers' money in fresh capital, and it was suggested a further €8bn would be required after NAMA.

But CFO Maarten Van Eden has told the Joint Oireachtas Finance and Public Service Committee. that the situation could be even worse if NAMA applies another massive haircut to the remainder of their loans.

"You can calculate quite easily that the difference between the impairment number that we had of 28%, and 55% which is the discount applied by NAMA - times €35.6bn - is a horrendous number that is going to have to be faced up to," Mr Van Eden said.`

"And that number could be as high as €9.5bn."