Bloomberg News

Irish Life Has Exposure Tied to Icelandic Bank Debt

October 23, 2008

Irish Life & Permanent Plc, Ireland's biggest mortgage lender, said it has some risks tied to debt of Iceland's collapsed banks.

``In common with many other banks here, we do have some exposure to senior debt issued by the Icelandic banks which are being taken into state ownership,'' the Dublin-based lender said in a statement today.

Irish Life said there is ``still uncertainty'' about the level of impairment on the debt. Iceland took control of Landsbanki Islands hf, Kaupthing Bank hf and Glitnir Bank hf earlier this month.

A spokesman for Irish Life declined to comment on the amount involved.

Irish Life fell 45 cents, or 13 percent, to 3.10 euros in Dublin trading. The stock has fallen 74 percent this year, cutting its market value to 849.7 million euros ($1.77 billion).

To contact the reporter on this story: Ian Guider in Dublin at iguider@bloomberg.net.

To contact the editor responsible for this story: Mike Anderson at manderson34@bloomberg.net.


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