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PERMANENT TSB HAS reported annual losses of €424million for 2011.
The after-tax loss is an increase of more than €100million on the previous year, when the retail bank lost €321million.
The figures emerged in the bank’s annual report as the lender warned of a “further significant deterioration” in the number of borrowers in arrears. It set aside €1.4billion to cover losses on mortgages – more than three times the figure for 2010.
Before impairment charges and other adjustments, the bank had an operating loss of €65million. In 2010 it ran an operating profit of €51million.
The lender – part of Irish Life and Permanent plc – said the decline in results was due to increased costs of €76million from the bank guarantee, and restructuring costs.
It reduced its loan-to-deposit ratio significantly since 2010, from 249 per cent to 227 per cent.
Chairman Alan Cook said the bank had made “considerable progress in preparing the business for the future”. He continued:
A key challenge for the business and for our customers is arrears and we are working hard to manage this situation with our customers and with other stakeholders.
Cook said Permanent TSB was “strongly capitalised”, and he was confident the bank “will return to sustainable levels of profitability over the coming years”.
$10bn for something that generates no revenue? The world has gone mad.
Snapchat , The new ‘try before you buy’
The world has gone mad !
There was a program on channel4 awhile ago, the lad that created bebo sold it for something like $800million and bought it back 3 years later for $1million!
I’d sell it now before something else comes along and snapchat will be long forgotten about!
When ppl send you goatses, who’s taking the picture?
Who uses Snapchat and what do you use it for?
Mostly kids and seriously vain and self-obsessed adults.
I just don’t see the attraction. You can send pics with WhatsApp and Viber, how has this become so successful? I get that the pic deletes itself on Snapchat but is there much of a need for that? The dick pic market can’t be that big? I used to be with it. Note I don’t even know what IT is anymore.
Usually used to display their genitals and selfies while sitting on the jax to their friends.
First off it saves on space because images or videos aren’t saved locally to your device. Second it uses less data than other apps such as Whatsapp and Viber which both fully download their media – Snapchat compresses its media reducing data requirements. You have to look at Snapchat as a much more casual form of communication – nothing is stored.
Also you’d be surprised at the lack of penis selfies on it. It isn’t Chatroulette – you know who is sending you snaps at all times unless you have your settings set otherwise.
Thank you Vox Pop for your explanation.
ha all those stupid women sending naked pics don’t realise that this stays on a server forever eh lol.
People need to to educate themselves a bit better when it comes to technology :-)
Didn’t bebo have a crazy evaluation at one stage……….
Omegle must be worth $1000billion
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