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Bank of Ireland announces $1.5 billion March-September loss

Wednesday was grey and bleak in Dublin as the Bank of Ireland delivered the news from hell. On top of a huge $1.5 billion loss, it believes the whopping $10.5 billion in loans will not be repaid by 2011. The bank also warned the Irish government that it will almost certainly need an injection of cash to stay afloat. In September, Ireland's finance minister Brian Lenihan said about €16 billion worth of Bank of Ireland loans would be taken out of its hands. The government also pumped more than $5 billion into the bank earlier this year. And yet, the bank continues to lose huge amounts of money. Grim times indeed. Read more: BBC News


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