Bank of Ireland, AIB and Permanent TSB reported combined losses of almost €1.7bn for 2020. Photo: Aidan Crawley/BloombergIrish banks have “sound capital cushions” to help them navigate the current challenging environment, according to ratings agency DBRS Morningstar. Aggregate LLPs soared to €2.7bn last year at the banks, compared to just €241m in provisions that the banks had on their books in 2019. “The challenging operating environment driven by Covid-19 put pressure on the banks’ operating income in 2020 which, on aggregate, decreased by 10pc year-on-year,” noted DBRS. However, it said the Irish banks maintained strong capital positions in 2020 despite the challenges they faced during the year.

Source: Irish Independent March 23, 2021 02:37 UTC