Financial results recently released by two major British banking groups show the scale of losses suffered at their Irish branches as a result of the financial crisis.

Lloyds Banking Group has reported that 60% of its Irish loan book at Bank of Scotland (Ireland) has been impaired. It is also reported that it has taken provisions on 56% of these impaired loans. In the latter half of last year, the bank announced that it was commencing a wind down of its Irish operations at Bank of Scotland (Ireland) Another British banking giant, Royal Bank of Scotland, is reported to have impairment losses of €540 million in the first quarter of this year at its Irish subsidiary, Ulster Bank. Ulster Bank is reported to have received €7 billion from its British parent to cover the losses suffered as a result of the downturn in the economy.

Contributed by Brendan Cahill.