Northern Ireland

Bank of Ireland's UK division records £480m losses

Bank of Ireland
Image caption The bank's total losses before tax was 950m euro last year, compared to a loss of 2.2bn euro in 2009.

Bank of Ireland's UK financial services division, which includes its Northern Ireland businesses, has made a pre-tax loss of £480m.

The division made an operating profit of £242m but that was eclipsed by impairment charges and losses on loans acquired by the Irish government's National Asset Management Agency (NAMA).

Bank of Ireland's total losses before tax was 950m euro last year, compared to a loss of 2.2bn euro in 2009.

The bank said that in 2010 it was hit by the severe economic downturn in Ireland.

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