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Bank of Ireland has maintained its forecast for loan impairment charges of 6 billion euros ($8.5 billion) in the three years to March 2011, it said on Friday, adding it has seen strong pressure on margins.
"In aggregate across our principal markets, the trends in economic assumptions outlined in our preliminary results presentation on May 19 which drive this anticipated (impairment charge) outcome are broadly as expected," Bank of Ireland said ahead of its shareholders' annual meeting.
The Irish government has 25 percent indirect stakes in Bank of Ireland and in rival Allied Irish Banks, and has warned it could end up the majority owner of the two after the creation of a so-called 'bad bank', which will take over property loans worth up to 90 billion euros.
"We have strengthened our capital position," Bank of Ireland said. "Maintaining the stability of the bank remains the primary management objective."
Lower interest rates and more intense competition coupled with higher wholesale funding costs had a significant negative impact on net interest margin, it said.
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