190m euro loss for Bank of Ireland

Richie BoucherBank of Ireland has announced pre-tax losses of 190 million euro (£158 million) for last year.

The figures are a huge improvement on 2010 results, when losses topped 950 million euro (£790 million).
Chief executive Richie Boucher said trading conditions remain challenging as the bank also reported impairment charges of 1.939 billion euro (£1.61 billion).

"Operating income remains under pressure and our loan losses continue to be at an elevated level," he said.

Mr Boucher said the banking environment remained difficult, particularly in Ireland, where he cited a range of problems, from recession and unemployment to businesses going bust and the shattered housing market.

"We expect the impairment charges to reduce from this level trending over time towards a more normalised impairment charge as the Irish economy recovers," he said.

"The pace of the reduction will be particularly dependent on the future performance of our Irish Residential mortgage book and commercial real estate markets."
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