http://www.independent.ie/business/irish/bailedout-anglo-racks-up-w...


LOSSES posted by Anglo Irish Bank are the worst by any bank in the entire world, according to new data from a prestigious financial journal.

The taxpayer-owned bank's loss in 2009 of €15bn was far bigger than those of giant US, Japanese and German banks, according to 'The Banker', an industry magazine listing the 25 biggest losses.

Anglo, which is hoping to split itself into a so-called 'good' and 'bad' bank, managed to lose almost more money than the two next biggest loss-makers
put together, the magazine reveals.

Anglo, nationalised since January 2009, has already set a record with its 2009 loss -- the largest ever posted by an Irish company.

Many experts believe such losses may never be recorded again in Irish business. And to cope with future losses, the Government is committed to pumping over €22bn
into the bank.

Destruction

The scale of destruction wrought by the bank is clear when compared with other banks that reported smaller losses. For example, Royal Bank of Scotland, one of the largest banks in the world, lost only a quarter of what Anglo lost last year, the survey reveals.

US lender Citigroup, once the world's largest bank, only lost half of what Anglo lost in 2009, despite taking a massive hit during the subprime crisis. Most of
the 25 banks surveyed lost money because of the subprime crisis,
whereas Anglo's losses came from property lending.

Anglo is not the only Irish bank on the list, however, with AIB posting the 11th highest losses in 2009 at $3.8bn (€3.1bn), although other Irish banks, like Bank of Ireland and Irish Nationwide, managed to avoid making it on to the list.

The only mitigation for Anglo is that the 2009 results, which set all the records, covered 15 months, rather than the standard 12. However, such
is the scale of losses that even on a 12-month basis the bank would
have finished up number one.

The survey, while bad news for Anglo, was good news for the industry, as it showed that most banks were on the road to recovery. For example, bank profits are now almost
four times higher than they were in 2008. But profits are down on the
boom years for most banks.

Banks have increased their capital levels, the money they use to protect them from losses, by 15pc. "This means they are stronger but less able to lend," the magazine adds.

Views: 36

Reply to This

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Doc Vega posted blog posts
1 hour ago
Burbia commented on tjdavis's blog post The Jewish Couple That Taught Bob Dylan Hebrew and Introduced Him to Zionism
"Haaretz put this story behind a pay wall. Sali Ariel and Terry Noble were the names of the couple…"
yesterday
William Heckman is now a member of 12160 Social Network
yesterday
cheeki kea commented on tjdavis's photo
yesterday
cheeki kea commented on cheeki kea's video
Thumbnail

This Woman DESTROYED Harley-Davidson's Future Forever

"It's a sad day on the highway. But I guess the show must go on. Watch out for the ruination of…"
yesterday
cheeki kea posted a video

This Woman DESTROYED Harley-Davidson's Future Forever

This Woman DESTROYED Harley-Davidson's Future ForeverWelcome to Ride Radar – Your Frontline Source for Motorcycle Deals, Trends & Market Mayhem.Looking for t...
yesterday
tjdavis posted a photo
yesterday
Burbia posted a status
"Who knew releasing the MLK files and literally deflecting, it ends up implicating himself with the Epstein Files."
Tuesday
Burbia posted a video

Dan Bilzerian DEMOLISHES MAGA Nutjob Patrick Bet-David on His Own Show

Watch as two powerhouse personalities collide in this no-holds-barred debate on one of the world’s most contentious issues. Patrick Bet-David, known for his ...
Monday
Doc Vega's 7 blog posts were featured
Sunday
tjdavis's 2 blog posts were featured
Sunday
Less Prone favorited tjdavis's blog post Track AIPAC
Sunday
FREEDOMROX's blog post was featured

MRNA VACCINES: Question

Hello my fellow sojourners,I know it has been five years since the Plandemic, but one question has…See More
Sunday
Less Prone favorited FREEDOMROX's blog post MRNA VACCINES: Question
Sunday
cheeki kea commented on cheeki kea's photo
Saturday
cheeki kea posted a photo
Saturday
Doc Vega posted blog posts
Jul 18
Doc Vega commented on Doc Vega's blog post Marjory Taylor Green Proposes Bill Abolishing Geoengineering or Weather Modification
"cheeki kea Marjory is in a daily battle with Democrats on the hill constantly coming up with more…"
Jul 18
Doc Vega posted blog posts
Jul 16
Mr. Sizzle favorited Less Prone's video
Jul 15

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted