Bloomberg News

Irish Banks Reach Almost Half of End-2013 Deleveraging Target

February 17, 2012

Feb. 16 (Bloomberg) -- Ireland’s three state-guaranteed banks that remain open for business have achieved almost half their target for selling and running down about 70 billion-euros of loans by the end of 2013, according to the country’s Finance Ministry.

Dublin-based Bank of Ireland Plc, Allied Irish Banks Plc, including its EBS Ltd. unit, and Irish Life & Permanent Plc deleveraged 32 billion euros of loans by the end of November, a finance ministry spokesman said in an e-mailed response to questions.

The nation’s two largest banks, Bank of Ireland and Allied Irish, sold almost 15 billion euros of assets last year at “significantly better prices” than expected during stress tests in March, the government said on Feb. 14. Ireland’s Central Bank Deputy Governor Matthew Elderfield said on Dec 1 the country’s banks will find deleveraging “more challenging” this year as European peers with funding pressures also sell assets.

To contact the reporter on this story: Joe Brennan in Dublin at jbrennan29@bloomberg.net

To contact the editor responsible for this story: Finbarr Flynn at fflynn3@bloomberg.net


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