BoI says bad debts will total €6bn by 2011
03/07/2009 - 08:02:18Bank of Ireland says it expects its bad debts to total around €6bn by March 2011.
The figure is included in a statement issued ahead of the bank's AGM in Dublin this morning.
The statement says the economic environment in BoI's main markets remains difficult and maintaining stability will be the board's primary objective for the coming year.
It says demand for new lending remains low and warns that bad debts could increase even further if the economic downturn worsens.
This morning's AGM follows a turbulent year for the bank in which its share price has tumbled to a record low of 12 cents due to major losses on property loans.
The Government has injected €3.5bn of taxpayers' money into the bank in an effort to help it overcome the losses.
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