May 12, 2020 / 6:30 AM / in 17 days

Ireland's AIB sets aside 210 mln euros for expected coronavirus losses

DUBLIN, May 12 (Reuters) - Allied Irish Banks (AIB) set aside 210 million euros ($227 million) in the first quarter to cover expected loan losses, as the number of repayment breaks for coronavirus-hit customers rose to almost 55,000 last week, the lender said on Tuesday.

Initial three-month breaks agreed by AIB in Ireland include 19,972 mortgages, 13,831 for businesses and 18,696 personal loans, with a further 5,000 modifications put in place for UK customers. It said it expected to see a larger expected credit loss charge in the second quarter.

AIB, whose shares fell by almost 15% on Monday after Bank of Ireland reported a 241 million euro first-quarter loss driven by a similar impairment charge, said its fully loaded core Tier 1 capital ratio fell slightly to 16.2% from 16.4% at the end of last year, the highest of any Irish lender.

$1 = 0.9255 euros Reporting by Padraic Halpin, editing by Louise Heavens

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