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PPI: Bank of Ireland posts £1bn loss

Bank of Ireland has announced a pre-tax loss of 1.24 billion euros (£1billion) for the first half of this year.

The firm has been hit badly by a series of bad loans which cost the company around 1.8 billion euros (£1.4 billion).

It was forced to transfer 900 million euros (£746 million) worth of loans to the National Asset Management Agency, while the bank also recorded a loss of 900 million euros on other loans.

This year's figure is almost twice as high compared to 2009, when the firm posted a loss of 668 million euros.

Richie Boucher, chief executive of the company, claimed the lender is more stable after it secured more funding.

He said: "We are confident that the steps that we have taken in the first half of 2010 to strengthen the group will enable us to successfully meet the many challenges ahead and position us well to capitalise on the opportunities that arise through a recovery in the economic conditions in our key operating markets in Ireland and the UK "

Bank of Ireland received 3.5 billion euros from the Irish government during the recession, along with fellow lender AIB.

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers. ADNFCR-2776-ID-800021998-ADNFCR

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