Ireland's top bank sees decreased losses in 2013

The Bank of Ireland said on Monday it has reported an underlying pre-tax loss of 569 million euros (780 million U.S. dollars) for 2013, down from almost 1.5 billion euros in 2012. In its annual report, the Irish commercial bank said it recorded an operating profit for the year of more than 1 billion euros before impairment charges on loans of 1.6 billion euros were taken into account. Founded in 1783, the Bank of Ireland is the nation's largest lender by assets. It said the level of defaulted loans has fallen 6 percent since June 2013. The government currently holds 14 percent of the bank's shares following its 4.8 billion euro bailout during the banking crisis. The annual report showed the breakdown of impairment charges for loans with residential mortgages costing the bank 573 million euros last year. Property and construction lending cost 583 million euros. The bank said a key priority remains the solution of Irish mortgage arrears and challenges facing small and medium enterprises. The bank also said about 6 billion euro in cash has been returned to the government following the bailout. (1 euro = 1.37 U.S. dollars)