By Finfacts Team
Irish Life & Permanent today reported a pre-tax loss of €349m for the first half of this year (H1 2011), mainly related to loan losses at its Permanent TSB banking businessIL&P is under State control after it was provided with capital after the March bank stress results.
Irish Life, the life business, is to be sold.Speaking today, Kevin Murphy, group chief executive, said; “there were a number of positives in the performances
of both the bank and the life company during the period including higher sales
in the life business and a higher net interest margin in the bank. However both
businesses were impacted by the continuing difficulties in the broader economy
including rising unemployment levels, reduced disposable income and weak
Murphy said IL&P was making good progress on the
planned sale of Irish Life. He said; “we are progressing discussions with a number of interested parties and we are encouraged by the process so far.”The bank recorded a
pre-tax operating profit for the period of €376m (2010 – loss of €131m).
However the key factor in this result was the gain of €763m as a result of the
State’s recapitalsisation. Excluding that gain, and the net loss of €23m on the
bank’s own Tier 2 debt holdings, the bank recorded an operating loss of €364m in
the first six months of the year.
Full article at source:http://www.finfacts.ie/irishfinancenews/article_1023024.shtml
These figures would be a lot worse if it were not for the fact that the gangsters running this bank are in fact exploiting their own customers (I am one of them) I along with approximately 80,000 other customers are in fact now forced to pay sub-prime interest rates on our outstanding mortgages (currently 5.60 % )While the ECB rate is just 1.5%.The government
is allowing this den of thieves and the rest of the Toxic Banks to exploit their own customers in this way so as to give the impression these toxic banks are sound but we all know that they are all bankrupt. According to the European Union I should be able to get a mortgage from any bank in Europe but in reality we are at the mercy of these home grown crooks and their gutless political masters.I call again on all 80,000 customers of this corrupt financial institution to boycott this bank for any other services and withdraw any extra savings. Best of all stop paying our mortgages en-mass all over the country, they can’t throw us all out of our homes or put us all in jail!