Reuters: Financial Services and Real Estate: IBRC shrinks assets, loans significantly in work out

Reuters: Financial Services and Real Estate Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

IBRC shrinks assets, loans significantly in work out Mar 29th 2012, 10:04 DUBLIN, March 29 | Thu Mar 29, 2012 6:04am EDT DUBLIN, March 29 (Reuters) - Irish Bank Resolution Corporation, a vehicle winding down two of Ireland's failed lenders, last year cut the value of assets it has to shift over the next nine years by 40 percent and shrunk its loan book by 29 percent, it said on Thursday. Formed last year, IBRC merged nationalised Anglo Irish Bank and Irish Nationwide Building Society, the lenders most closely associated with the casino-style practices that obliterated the local banking sector and forced Ireland into an EU-IMF bailout. Charged with winding down by 2020, IBRC said that excluding the 29.9 billion euros ($40 billion) of promissory notes, or government IOUs, propping it up, it shed assets worth 17.4 billion euros last year to leave 25.6 billion remaining. That was primarily driven by the transfer of 12.2 billion of senior bonds to Allied Irish Bank and the sale of most of its US loan book which also contributed to outstanding loans, excluding those previously belonging to Irish Nationwide, falling to 29.1 billion euros. Compared to the record set for an Irish corporate last year when Anglo alone generated a loss of 17.65 billion euros, IBRC recorded a loss before tax of 873 million after total provisions for impairments totaled 1.6 billion. Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions