ANGLO IRISH BANK HAS published the worst set of results in corporate history in Ireland, outdoing its own record in confirming losses of €17.5bn for the last year.
Anglo’s losses include impairment charges of €7.8bn of which €2.6bn relate to NAMA loans. There was a €11.5bn loss on the disposal of assets to NAMA.
The bank’s total expenses for 2010 came to €353m, up from €309 in 2009. Anglo says the expenses increase arose through its restructuring as well as from NAMA legacy issues and processing.
By the end of 2010, the bank’s total assets were down from €85.2bn in 2009 to €72.2bn.
It said that under the restructuring plan submitted in conjunction with Irish Nationwide at the end of January 2011, the two institutions will amalgamate in the first half of this year and work out their assets “in an orderly process over time, with the objective of securing the best possible realisation in the interest of the state and of the taxpayer”.
In his introductory statement to the report, chairman Alan Dukes said that 2010 had been “a difficult year” for both the bank and the Irish economy, and that the bank’s performance is largely determined by commercial property prices due to its earlier reliance on that sector.
Anglo also said it was wholly government owned and relies on continuing state support.
The Daily Mail reports this morning that salaries and pay costs for Anglo staff average €100,000 per person. Anglo’s results show that those costs fell from €192m in 2009 to €130m for 2010 due to a staff cuts.
The bank’s CEO Mike Ainsley, who earned €974,000 last year, told Newstalk’s Breakfast Show this morning that his salary will drop once his family moves over from Australia next year.
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