Irish Life raises loan hit forecast
IRISH Life and Permanent said it trebled its loan impairment provisions to €1.4bn last year, blaming the poor state of the Irish property market.
The bank said it now thinks house prices fell 55 per cent from peak to trough, worse than its earlier estimate of 43 per cent.
And a “significant increase” of mortgages in arrears have also pushed the firm’s impairments higher.