Anglo at 'e14bn mark'
LOSSES from bad loans at Anglo Irish Bank look set to exceed expectations with the figure likely to come in at around the €14bn mark.
The nationalised bank and its auditors have been putting the finishing touches on figures that will be released next week. The reported losses are likely to amount to the greatest ever published by an Irish corporation.
Analysts believe that the bank's overall pre-tax loss for will come in at a staggering €12bn for the 15-month period before the end of last December.
Anglo's figures are set to show that the group's massive impairment charge will be partially offset by a €1.8bn extraordinary gain from a large debt restructuring last summer, which took some of its subordinated bondholders out at a deeply discounted market price.
Some of the record losses will be offset when the company reveals operating profits of between €500m and €800m.
Taxpayers are expected to shell out a further €6bn to guarantee the bank's future as it seeks to split itself into an internal 'good bank' and 'bad bank' under a huge State-aid restructuring plan being assessed by Brussels.
Anglo is preparing to transfer up to €35bn of its loan book to NAMA over the coming months.