Its official Anglo Irish Bank is the world’s worst bank

 

Anglo Irish Bank Financial Results

 

On Tuesday 31^st of August Anglo Irish Bank has reported a pre tax loss of € 8.2 billion for the first six months of 2010 after setting aside € 8.3 billion to deal with loan losses.

The banks most recent results today show a loss of € 3.5 billion on loans transferred to the National Management Agency. Almost half of the remaining € 4.8 billion of loan losses is liked to assets being held for sale to NAMA.

 

The total state financial fund to date is just under € 23 billion and the European Commission has sanctioned a further € 1.5 billion if required. Despite this pledge, Anglo may require additional funding although the final figure shall be determined by the following aspects:

 

• Commercial Property Markets
• The Economy
• The discounts applied to NAMA

 

The financial results also show that the bank has borrowed € 26.3 billion from central banks. After all the transfers to NAMA have been completed it would have around € 38 billion of loans on its books. It has been estimated that € 210 million a week is being pumped into the bank to keep it running.

 

Anglo Irish Bank has recently submitted a proposal to split itself into a “good” and “bad” bank after careful evaluation. It has been concluded that this is the least costly method to the taxpayer. The final decision shall be made to by the European Commission in September of 2010.

 

John McCarrick
John McCarrick and Associates
11 Dunville Avenue, Rathmines
Dublin 6,Ireland
Telephone:01 4960102
Fax: 01 4973717

Email: info@jmccarrick.com

 

 

 

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