One Irish bank has posted a loss equivalent to c. 8% of Irish GDP.  You got a hand it to these guys, and e are - with a total of up to c. 22 Billion planned by way of Government subvention.

Anglo reports €12.7bn pre-tax loss - The Irish Times - Wed, Mar 31, 2010

Anglo Irish Bank reported a pre-tax loss of €12.7 billion for the 15 months to end of December 2009 after writing off billions in bad loans.

The State-owned bank said operating profit of €2.4 billion before impairment included a gain of €1.8 billion on the repurchase of capital securities.

The bank said today it had written off €15.1 billion on bad loans, including €10.1 billion on €35.6 billion in loans to be transferred to the National Asset Management Agency (Nama).

Anglo said it expects to transfer €35.6 billion of nominal loan assets to Nama in 2010 with a carrying value of €25.5 billion, following which customer loans will be about €36.5 billion with cumulative specific provisions of €3.7 billion.

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