IBRC May Lose EU1.5 Billion in 2012 in Stress Case, Times Says
Irish Bank Resolution Corporation Ltd., formerly Anglo Irish Bank Corp., may lose 1.5 billion euros ($2 billion) next year under a stress-case scenario, the Sunday Times reported, citing a European Union restructuring plan for the lender.
A stress case is defined as a 70 percent peak-to-trough fall in Irish commercial real-estate property prices and a 60 percent decline in the U.S. and U.K., the newspaper said.
IBRC, being wound down by the end of the decade, aims to swing into a 148 million-euro profit in 2016, it said. Anglo Irish posted a 17.7 billion-euro pre-tax loss in 2010 and a 12.8 billion-euro loss for 2009.
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