Irish Life & Permanent plc Group Chief Executive Denis Casey today said that the Group would experience much lower losses on its loan book compared to other banks due to the fundamentally different profile of its lending. He said the Group’s low risk positioning would mean that it could maintain its very strong capital position [10.1% Tier 1 at end June last] through the current economic downturn. Total gross new lending for 2008 is expected to be down about 45% on 2007. Overall group pre-tax operating profit, including the impairment provision in respect of the Icelandic bank debt, is expected to be down about 30% on the 2007 result.