Bank of Ireland swings to $261 million loss on COVID-19 impairment
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DUBLIN (Reuters) - Bank of Ireland swung to a 241 million euro ($261 million) pretax first-quarter loss after taking a 266 million euro impairment charge related mainly to 86,000 loan repayment breaks for customers in Ireland and Britain. Ireland's largest bank by assets, which made a 123 million euro profit in the same period last year, said it expected increased impairment charges and loan losses over the course of 2020, with new lending potentially 50% to 70% of 2019 volumes.The bank said..