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Danske Bank’s Irish nightmare
09-02-2012
11:01
Danske Bank’s Irish adventure has long ago changed to become a nightmare, and it is only getting worse. Both the Irish and the Northern Irish businesses lost still more billions in 2011 than the previous year.
The banking activities in Northern Ireland through Northern Bank, which in 2010 generated loan impairment charges in the region of DKK 1.25 billion, developed negatively in 2011 and resulted in impairment charges of totally DKK 2.2 billion.
It is the commercial properties which create problems. New construction is at a standstill, the prices for commercial properties are declining. The accumulated charges amounted to 9 per cent of the exposure. The bank suffers considerable losses on Northern Irish private and agricultural customers.
The banking activities in Northern Ireland through Northern Bank, which in 2010 generated loan impairment charges in the region of DKK 1.25 billion, developed negatively in 2011 and resulted in impairment charges of totally DKK 2.2 billion.
It is the commercial properties which create problems. New construction is at a standstill, the prices for commercial properties are declining. The accumulated charges amounted to 9 per cent of the exposure. The bank suffers considerable losses on Northern Irish private and agricultural customers.
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*****||*****Danske Bank’s Irish nightmare*****||*****Danske Bank’s Irish adventure has long ago changed to become a nightmare, and it is only getting worse. Both the Irish and the Northern Irish businesses lost still more billions in 2011 than the previous year.*****||*****
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