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Merger may be good news for Property Section!

IL&P narrows losses, confirms EBS merger plan
31/08/2010 – 07:30:21

Irish Life & Permanent has said the first six months of the year brought “a less hostile environment” for the group’s activities, and reported that its life assurance business saw growth, while the mortgages market remained “depressed”.

Mortgage arrears are up 28%.

IL&P also confirmed it had submitted a plan to merge with EBS Building Society.

The group’s operating loss for the first six months of 2010 was €10m, compared with €51m last year. Its banking business Permanent TSB made a loss of €131m, almost the same as last year.

The narrowing of losses was partly due to the cost reductions that came with the closure of 11 branches and the loss of 140 jobs.

The group is not part of the NAMA project, as it has no assets that qualify for inclusion, and has not received capital from the State.

Chief executive Kevin Murphy said: “2010 will be a year of change in the Irish financial services market and will continue to be a year of challenge for our businesses.”

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