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Bank of Ireland Group plc ( ga, Banc na hÉireann) is a commercial
bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...
operation in Ireland and one of the traditional Big Four Irish banks. Historically the premier banking organisation in Ireland, the Bank occupies a unique position in Irish banking history. At the core of the modern-day group is the old Governor and Company of the Bank of Ireland, the ancient institution established by
Royal Charter A royal charter is a formal grant issued by a monarch under royal prerogative as letters patent. Historically, they have been used to promulgate public laws, the most famous example being the English Magna Carta (great charter) of 1215, bu ...
in 1783.


History

Bank of Ireland is the oldest bank in continuous operation (apart from closures due to bank strikes in 1950, 1966, 1970, and 1976) in Ireland. In 1781, the Bank of Ireland Act was passed by the
Parliament of Ireland The Parliament of Ireland ( ga, Parlaimint na hÉireann) was the legislature of the Lordship of Ireland, and later the Kingdom of Ireland, from 1297 until 1800. It was modelled on the Parliament of England and from 1537 comprised two chamb ...
, establishing Bank of Ireland. On 25 June 1783, Bank of Ireland opened for business at Mary's Abbey in a private house previously owned by one Charles Blakeney. On 6 June 1808, Bank of Ireland moved to 2 College Green. In 1864, Bank of Ireland paid its first interest on deposits. In 1926, Bank of Ireland took control of the National Land Bank. In 1948, ''The Bank of Ireland 1783–1946'' by F.G. Hall was published jointly by
Hodges Figgis Hodges Figgis is a bookshop located on Dawson Street in Dublin. Founded in 1768, it was moved and expanded numerous times until 1992, when it settled into its current location at 56-58 Dawson Street. It is given a passing mention in James Joyce ...
(Dublin) and
Blackwell's Blackwell UK, also known as Blackwell's and Blackwell Group, is a British academic book retailer and library supply service owned by Waterstones. It was founded in 1879 by Benjamin Henry Blackwell, after whom the chain is named, on Broad Street, ...
(Oxford). In 1958, the Bank took over the Hibernian Bank Limited. In 1965, The National Bank Ltd, a bank founded by
Daniel O'Connell Daniel O'Connell (I) ( ga, Dónall Ó Conaill; 6 August 1775 – 15 May 1847), hailed in his time as The Liberator, was the acknowledged political leader of Ireland's Roman Catholic majority in the first half of the 19th century. His mobilizat ...
in 1835, had branches in Ireland and Britain. The Irish branches were acquired by Bank of Ireland and rebranded temporarily as National Bank of Ireland, before being fully incorporated into Bank of Ireland. The British branches were acquired by
Williams & Glyn's Bank Williams & Glyn's Bank Limited was established in London in 1970, when the Royal Bank of Scotland merged its two subsidiaries in England and Wales, Williams Deacon's Bank Ltd. and Glyn, Mills & Co. In 1985, Williams & Glyn's was fully absorbed ...
. In 1980, the first Pass card and machine, also known as an ATM, was opened by Bank of Ireland. In 1983, Bank of Ireland celebrated its Bi-Centenary and a commemorative stamp was issued. The Bank also commissioned the publication of "An Irish Florilegium" that year. In 1995, Bank of Ireland merged First New Hampshire Bank with
Royal Bank of Scotland The Royal Bank of Scotland plc (RBS; gd, Banca Rìoghail na h-Alba) is a major retail and commercial bank in Scotland. It is one of the retail banking subsidiaries of NatWest Group, together with NatWest (in England and Wales) and Ulster Bank ...
's
Citizens Financial Group Citizens Financial Group, Inc. is an American bank headquartered in Providence, Rhode Island, which operates in the states of Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsyl ...
. Only branches in cities and major towns had ATMs in the 1980s but branches in most medium and small towns installed then in the 1990s. In 1996, Bank of Ireland bought the
Bristol and West Bristol & West (B&W) was a former Mutual organization, mutual building society in the United Kingdom (UK), one of the first to be Demutualization, demutualised to become a Public limited company, publicly traded bank in 1997. Bristol & West ha ...
building society for UK£600 million (€882 million), which kept its own brand. In 1999, the bank held merger talks with
Alliance & Leicester Alliance & Leicester plc was a British bank and former building society, formed by the merger in 1985 of the Alliance Building Society and the Leicester Building Society. The business demutualised in the middle of 1997, when it was floated o ...
, but they were called off. In 2000, it was announced that Bank of Ireland was acquiring Chase de Vere. In 2002, Bank of Ireland acquired Iridian, a US investment manager, which doubled the size of its asset management business. In 2005, Bank of Ireland completed the sale of the Bristol and West branch and Direct Savings (Contact Centre) to
Britannia Building Society The Britannia Building Society was founded as the Leek & Moorlands Building Society in Leek in 1856. It expanded steadily as a regional society until the late 1950s when it began a major expansion drive, partly through branch openings but also so ...
. In 2008, Moody's Investors Service changed its rating of Bank of Ireland from stable to negative. Moody's pinpointed concerns over weakening
asset quality Asset quality is an evaluation of asset to measure the credit risk associated with it. Description Asset quality is related to the left-hand side of the bank balance sheet. Bank managers are concerned with the quality of their loans since that pro ...
and the impact of a more challenging economic environment on profitability at Bank of Ireland. A share price collapse followed. In 2009, The Irish government announced a €7 billion rescue package for the bank and Allied Irish Banks plc in February. The biggest bank robbery in the history of the state took place at Bank of Ireland at College Green. Consultants
Oliver Wyman Oliver Wyman is an American management consulting firm. Founded in New York City in 1984 by former Booz Allen Hamilton partners Alex Oliver and Bill Wyman, the firm has more than 60 offices in Europe, North America, the Middle East, and Asia-Pa ...
validated Bank of Ireland's bad debt levels at €6 billion over three years to March 2011, a bad debt level which was exceeded by almost €1 billion within a matter of months. In 2010, The
European Commission The European Commission (EC) is the executive of the European Union (EU). It operates as a cabinet government, with 27 members of the Commission (informally known as "Commissioners") headed by a President. It includes an administrative body o ...
ordered the disposal of Bank of Ireland Asset Management, New Ireland Assurance, ICS Building Society, its US Foreign Exchange business and the stakes held in the Irish Credit Bureau and in an American Asset Manager followed the receipt of Irish Government State aid. In 2011, the Securities Services Division of the bank was sold to
Northern Trust Corporation Northern Trust Corporation is a financial services company headquartered in Chicago that caters to corporations, institutional investors, and ultra high net worth individuals. Northern Trust is one of the largest banking institutions in the Un ...
. In 2013, Bank of Ireland more than doubled interest rates on mortgages tracking Bank of England rates, (which had remained stable for four years), citing the need to hold more reserves and the 'increased cost of funding mortgages'. Described by Ray Boulger of broker John Charcol as 'having shot the reputation of its mortgages to smithereens', nevertheless, the bank continues to offer highly competitive mortgages through the Post Office. In 2014, regulation of the bank was transferred to the
European Central Bank The European Central Bank (ECB) is the prime component of the monetary Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's Big Four (banking)#Intern ...
. Also in 2014, the bank entered into a marketing alliance with EVO Payments International and re-entered the card acquiring market. BOI Payment Acceptance was launched in December 2014.


Role as government banker

Bank of Ireland is not, and was never, the Irish central bank. However, as well as being a commercial bank – a deposit-taker and a credit institution – it performed many central bank functions, much like the earlier-established
Bank of Scotland The Bank of Scotland plc (Scottish Gaelic: ''Banca na h-Alba'') is a commercial and clearing bank based in Scotland and is part of the Lloyds Banking Group, following the Bank of Scotland's implosion in 2008. The bank was established by th ...
and
Bank of England The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government of ...
. Bank of Ireland operated the Exchequer Account and during the nineteenth century acted as something of a banker of last resort. Even the titles of the chairman of the board of directors (the Governor) and the title of the board itself (the Court of Directors) suggest a central bank status. From the foundation of the
Irish Free State The Irish Free State ( ga, Saorstát Éireann, , ; 6 December 192229 December 1937) was a state established in December 1922 under the Anglo-Irish Treaty of December 1921. The treaty ended the three-year Irish War of Independence between th ...
in 1922 until 31 December 1971, Bank of Ireland was the banker of the
Irish Government The Government of Ireland ( ga, Rialtas na hÉireann) is the cabinet that exercises executive authority in Ireland. The Constitution of Ireland vests executive authority in a government which is headed by the , the head of government. The governm ...
.


Headquarters

The headquarters of the bank until the 1970s was the impressive Parliament House on
College Green College Green or The College Green may refer to: * College Green, Adelaide outdoor venue at the University of Adelaide * College Green, Bristol, England * College Green (Dartmouth College), New Hampshire, primarily known as "the Green" * College ...
, Dublin. This building was originally designed by Sir Edward Lovett Pearce in 1729 to host the Irish Parliament, and it was the world's first purpose-built
bicameral Bicameralism is a type of legislature, one divided into two separate assemblies, chambers, or houses, known as a bicameral legislature. Bicameralism is distinguished from unicameralism, in which all members deliberate and vote as a single grou ...
parliament building. The bank had planned to commission a building designed by
Sir John Soane Sir John Soane (; né Soan; 10 September 1753 – 20 January 1837) was an English architect who specialised in the Neo-Classical style. The son of a bricklayer, he rose to the top of his profession, becoming professor of architecture at the R ...
to be constructed on the site bounded by Westmoreland Street, Fleet Street, College Street and D'Olier Street (now occupied by the Westin Hotel). However, the project was cancelled following the Act of Union in 1800, when the newly defunct Parliament House was bought by Bank of Ireland in 1803. The former Parliament House continues today as a working branch. Today, visitors can still view the impressive
Irish House of Lords The Irish House of Lords was the upper house of the Parliament of Ireland that existed from medieval times until 1800. It was also the final court of appeal of the Kingdom of Ireland. It was modelled on the House of Lords of England, with membe ...
chamber within the old headquarters building. The
Oireachtas The Oireachtas (, ), sometimes referred to as Oireachtas Éireann, is the Bicameralism, bicameral parliament of Republic of Ireland, Ireland. The Oireachtas consists of: *The President of Ireland *The bicameralism, two houses of the Oireachtas ...
, the modern parliament of
Ireland Ireland ( ; ga, Éire ; Ulster Scots dialect, Ulster-Scots: ) is an island in the Atlantic Ocean, North Atlantic Ocean, in Northwestern Europe, north-western Europe. It is separated from Great Britain to its east by the North Channel (Grea ...
, is now housed in
Leinster House Leinster House ( ga, Teach Laighean) is the seat of the Oireachtas, the parliament of Ireland. Originally, it was the ducal palace of the Dukes of Leinster. Since 1922, it is a complex of buildings, of which the former ducal palace is the core, ...
in Dublin. In 2011, the
Irish Government The Government of Ireland ( ga, Rialtas na hÉireann) is the cabinet that exercises executive authority in Ireland. The Constitution of Ireland vests executive authority in a government which is headed by the , the head of government. The governm ...
set out proposals to acquire the building as a venue for the state to use as a cultural venue. In the 1970s the bank moved its headquarters to a modern building, now known as
Miesian Plaza Miesian Plaza (formerly known as the Bank of Ireland Headquarters) is an office building complex on Lower Baggot Street, Dublin. It is designed in the International Style, inspired by the architect Ludwig Mies van der Rohe, particularly his Se ...
, on Lower Baggot Street, Dublin 2. As Frank McDonald notes in his book ''Destruction of Dublin'', when these headquarters were built, it caused the world price of copper to rise – such was the usage in the building. In 2010 the bank moved to its current, smaller headquarters on Mespil Road.


Banking services

Bank of Ireland is headquartered in
Dublin Dublin (; , or ) is the capital and largest city of Republic of Ireland, Ireland. On a bay at the mouth of the River Liffey, it is in the Provinces of Ireland, province of Leinster, bordered on the south by the Dublin Mountains, a part of th ...
, and has operations in the Republic of Ireland, Northern Ireland, Great Britain and elsewhere.


Republic of Ireland

The Group provides a broad range of financial services in Ireland to the personal, commercial, industrial and agricultural sectors. These include checking and deposit services, overdrafts, term loans, mortgages, international asset financing, leasing, instalment credit, debt financing, foreign exchange facilities, interest and exchange rate hedging instruments, executor and trustee services. At its height in 1969, Bank of Ireland had 500 branches in the Republic of Ireland. By 2022, the number of branches had gradually been cut to 169.


Northern Ireland

In Northern Ireland, Bank of Ireland prints its own banknotes in
Pounds Sterling Sterling (abbreviation: stg; Other spelling styles, such as STG and Stg, are also seen. ISO 4217, ISO code: GBP) is the currency of the United Kingdom and nine of #Crown Dependencies and British Overseas Territories, its associated territori ...
(see section on banknotes below). In 2021, the number of branches in Northern Ireland was cut from 28 to 13.


Great Britain

In Great Britain, the bank expanded largely through the takeover of the Bristol and West Building Society in 1996. Bank of Ireland also provides financial services for the British
Post Office A post office is a public facility and a retailer that provides mail services, such as accepting letters and parcels, providing post office boxes, and selling postage stamps, packaging, and stationery. Post offices may offer additional serv ...
throughout the UK and AA Savings.


Rest of world

Operations in the rest of the world are primarily undertaken by Bank of Ireland Corporate Banking who provide services in France, Germany, Spain and the United States.


Banknotes

Although the Bank of Ireland is not a central bank, it does have sterling note-issuing rights in the United Kingdom. While the Bank has its headquarters in Dublin, it also has operations in
Northern Ireland Northern Ireland ( ga, Tuaisceart Éireann ; sco, label= Ulster-Scots, Norlin Airlann) is a part of the United Kingdom, situated in the north-east of the island of Ireland, that is variously described as a country, province or region. Nort ...
, where it retains the legal right (dating from before the
partition of Ireland The partition of Ireland ( ga, críochdheighilt na hÉireann) was the process by which the Government of the United Kingdom of Great Britain and Ireland divided Ireland into two self-governing polities: Northern Ireland and Southern Ireland. I ...
) to print its own banknotes. These are
pound sterling Sterling (abbreviation: stg; Other spelling styles, such as STG and Stg, are also seen. ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound ( sign: £) is the main unit of sterling, and t ...
notes and equal in value to Bank of England notes, and should not be confused with banknotes of the former
Irish pound The pound (Irish: ) was the currency of the Republic of Ireland until 2002. Its ISO 4217 code was IEP, and the symbol was £ (or IR£ for distinction). The Irish pound was replaced by the euro on 1 January 1999. Euro currency did not begin cir ...
. The
obverse Obverse and its opposite, reverse, refer to the two flat faces of coins and some other two-sided objects, including paper money, flags, seals, medals, drawings, old master prints and other works of art, and printed fabrics. In this usage, ''o ...
side of Bank of Ireland banknotes features the Bank of Ireland logo, below which is a line of heraldic shields each representing one of the six counties of Northern Ireland. Below this is a depiction of a seated
Hibernia ''Hibernia'' () is the Classical Latin name for Ireland. The name ''Hibernia'' was taken from Greek geographical accounts. During his exploration of northwest Europe (c. 320 BC), Pytheas of Massalia called the island ''Iérnē'' (written ). ...
figure, surrounded by the
Latin Latin (, or , ) is a classical language belonging to the Italic branch of the Indo-European languages. Latin was originally a dialect spoken in the lower Tiber area (then known as Latium) around present-day Rome, but through the power of the ...
motto A motto (derived from the Latin , 'mutter', by way of Italian , 'word' or 'sentence') is a sentence or phrase expressing a belief or purpose, or the general motivation or intention of an individual, family, social group, or organisation. Mot ...
of the Bank, ''Bona Fides Reipublicae Stabilitas'' ("Good Faith is the Cornerstone of the State"). The current series of £5, £10 and £20 notes, issued in April 2008, all feature an illustration of the
Old Bushmills Distillery The Old Bushmills Distillery is an alcohol (primarily Irish whiskey) distillery in Bushmills, County Antrim, Northern Ireland, owned by Casa Cuervo. Bushmills Distillery uses water drawn from Saint Columb's Rill, which is a tributary of the Ri ...
on the reverse side. Prior to 2008, all Bank of Ireland notes featured an image of the
Queen's University of Belfast , mottoeng = For so much, what shall we give back? , top_free_label = , top_free = , top_free_label1 = , top_free1 = , top_free_label2 = , top_free2 = , established = , closed = , type = Public research university , parent = ...
on the reverse side. The principal difference between the denominations is their colour and size: * £5 note, blue * £10 note, pink * £20 note, green * £50 note, blue-green * £100 note, red. The Bank of Ireland has never issued its own banknotes in the
Republic of Ireland Ireland ( ga, Éire ), also known as the Republic of Ireland (), is a country in north-western Europe consisting of 26 of the 32 counties of the island of Ireland. The capital and largest city is Dublin, on the eastern side of the island. A ...
. Section 60 of the Currency Act 1927 removed the right of Irish banks to issue banknotes, however " consolidated banknotes", of a common design issued by all "Shareholder Banks" under the Act, were issued between 1929 and 1953. These notes were not
legal tender Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in pa ...
.


Controversies


Michael Soden

Michael Soden abruptly quit as group chief executive on 29 May 2004 when it was discovered that adult material that contravened company policy was found on his Bank PC. Soden issued a personal statement explaining that the high standards of integrity and behaviour in an environment of accountability, transparency and openness, which he espoused, would cause embarrassment to the Bank.


DIRT controversy

A
IR£ The pound (Irish: ) was the currency of the Republic of Ireland until 2002. Its ISO 4217 code was IEP, and the symbol was £ (or IR£ for distinction). The Irish pound was replaced by the euro on 1 January 1999. Euro currency did not begin cir ...
30.5 million tax arrears liability was settled by Bank of Ireland in July 2000. The Bank told the Oireachtas Public Accounts Committee Inquiry that its liability was in the region of £1.5 million. The settlement figure was 'dictated' by the
Revenue Commissioners The Revenue Commissioners ( ga, Na Coimisinéirí Ioncaim), commonly called Revenue, is the Irish Government agency responsible for customs, excise, taxation and related matters. Though Revenue can trace itself back to predecessors (with the A ...
following an audit by the Commissioners. It was in Bank of Ireland that some of the most celebrated of the "celebrated cases" of non-compliance and bogus non-resident accounts have to date been discovered and disclosed.
Thurles Thurles (; ''Durlas Éile'') is a town in County Tipperary, Ireland. It is located in the civil parish of the same name in the barony of Eliogarty and in the ecclesiastical parish of Thurles (Roman Catholic parish), Thurles. The cathedral ch ...
,
Boyle Boyle is an English, Irish and Scottish surname of Gaelic, Anglo-Saxon or Norman origin. In the northwest of Ireland it is one of the most common family names. Notable people with the surname include: Disambiguation *Adam Boyle (disambiguation), ...
,
Roscrea Roscrea () is a market town in County Tipperary, Ireland, which in 2016 had a population of 5,446. Roscrea is one of the oldest towns in Ireland, having developed around the 7th century monastery of Saint Crónán of Roscrea, parts of which rem ...
(1990),
Milltown Malbay Milltown Malbay (), also Miltown Malbay, is a town in the west of County Clare, Ireland, near Spanish Point. The population was 829 at the 2016 Census. Name There is a townland on the southern edge of the town called Poulawillin or Pollawillin ...
(1991),
Dundalk Dundalk ( ; ga, Dún Dealgan ), meaning "the fort of Dealgan", is the county town (the administrative centre) of County Louth, Ireland. The town is on the Castletown River, which flows into Dundalk Bay on the east coast of Ireland. It is h ...
(1989–90),
Killester Killester () is a small residential largely affluent suburb of Dublin, Ireland on the Northside of the city in the Dublin 3 and Dublin 5 postal districts. It was the site of a church and convent or monastery centuries ago, and later a small vill ...
(1992),
Tullamore Tullamore (; ) is the county town of County Offaly in Republic of Ireland, Ireland. It is on the Grand Canal (Ireland), Grand Canal, in the middle of the county, and is the fourth most populous town in the Midland Region, Ireland, midlands reg ...
(1993),
Mullingar Mullingar ( ; ) is the county town of County Westmeath in Ireland. It is the third most populous town in the Midland Region, with a population of 20,928 in the 2016 census. The Counties of Meath and Westmeath Act 1543 proclaimed Westmeat ...
(1996),
Castlecomer Castlecomer (Irish: ''Caislean an Chumai'' meaning "the castle at the confluence of the waters") is a town in the north of County Kilkenny, Ireland. It is positioned at the meeting of N78 and R694 roads about north of Kilkenny city. At the ...
,
Clonmel Clonmel () is the county town and largest settlement of County Tipperary, Republic of Ireland, Ireland. The town is noted in Irish history for its resistance to the Cromwellian conquest of Ireland, Cromwellian army which sacked the towns of Dro ...
, Ballybricken,
Ballinasloe Ballinasloe ( ; ) is a town in the easternmost part of County Galway in Connacht. Located at an ancient crossing point on the River Suck, evidence of ancient settlement in the area includes a number of Bronze Age sites. Built around a 12th-ce ...
,
Skibbereen Skibbereen (; ) is a town in County Cork, Ireland. It is located in West Cork West Cork ( ga, Iarthar Chorcaí) is a tourist region and municipal district in County Cork, Ireland. As a municipal district, West Cork falls within the administr ...
(1988),
Dungarvan Dungarvan () is a coastal town and harbour in County Waterford, on the south-east coast of Ireland. Prior to the merger of Waterford County Council with Waterford City Council in 2014, Dungarvan was the county town and administrative centre of ...
and, disclosed to the
Oireachtas The Oireachtas (, ), sometimes referred to as Oireachtas Éireann, is the Bicameralism, bicameral parliament of Republic of Ireland, Ireland. The Oireachtas consists of: *The President of Ireland *The bicameralism, two houses of the Oireachtas ...
Public Accounts Sub-Committee,
Ballaghaderreen Ballaghaderreen () is a town in County Roscommon, Ireland. It was part of County Mayo prior to 1898. It is located just off the N5 National primary road. The population was 1,808 in the 2016 census. History As of 1837, the town was recorde ...
(1998) and
Ballygar Ballygar () is a village in County Galway, Ireland. It is 19 km from Roscommon town. History Name and origins The name ''Ballygar'', historically ''Beallagarr'', comes from . The settlement has been a meeting point of the McDermott clan ...
(1999). The Public Accounts Sub-Committee Inquiry concluded that "the most senior executives in the Bank of Ireland did seek to set an ethical tone for the bank and unsuccessfully sought Revenue Commissioners assistance to promote an industry-wide Code of Practice.


Stolen laptops

In April 2008 it was announced that four laptops with data pertaining to 10,000 customers were stolen between June and October 2007. This customer information included names, addresses, bank details, medical and pension details. The thefts were initially reported to the
Garda Síochána (; meaning "the Guardian(s) of the Peace"), more commonly referred to as the Gardaí (; "Guardians") or "the Guards", is the national police service of Ireland. The service is headed by the Garda Commissioner who is appointed by the Irish Gover ...
, however the Banks senior management did not know about the problem until February 2008 after an internal audit uncovered the theft and the Bank did not advise the
Data Protection Commissioner The Office of the Data Protection Commissioner (Irish: An Coimisinéir Cosanta Sonraí) (DPC), also known as Data Protection Commission, is the independent national authority responsible for upholding the EU fundamental right of individuals to ...
and the
Central Bank of Ireland The Central Bank of Ireland ( ga, Banc Ceannais na hÉireann) is Ireland's central bank, and as such part of the European System of Central Banks (ESCB). It is the country's financial services regulator for most categories of financial firms ...
until mid-April 2008. It also came to light that none of the laptops used
encryption In cryptography, encryption is the process of encoding information. This process converts the original representation of the information, known as plaintext, into an alternative form known as ciphertext. Ideally, only authorized parties can decip ...
to protect the sensitive data. The Bank has since released a press release detailing the seven branches affected and its initial response, later in the month the Bank confirmed that 31,500 customer records were affected as well as an increased number of branches.


Record bank robbery

On 27 February 2009, it was reported that a criminal gang from
Dublin Dublin (; , or ) is the capital and largest city of Republic of Ireland, Ireland. On a bay at the mouth of the River Liffey, it is in the Provinces of Ireland, province of Leinster, bordered on the south by the Dublin Mountains, a part of th ...
had stolen €7 million from the Bank of Ireland's main branch in
College Green College Green or The College Green may refer to: * College Green, Adelaide outdoor venue at the University of Adelaide * College Green, Bristol, England * College Green (Dartmouth College), New Hampshire, primarily known as "the Green" * College ...
. The robbery was the biggest in the history of
Ireland Ireland ( ; ga, Éire ; Ulster Scots dialect, Ulster-Scots: ) is an island in the Atlantic Ocean, North Atlantic Ocean, in Northwestern Europe, north-western Europe. It is separated from Great Britain to its east by the North Channel (Grea ...
, during which a girlfriend of an employee, her mother and her mother's five-year-old granddaughter were held hostage at gunpoint. Gardaí arrested six men the next day, and recovered €1.8 million. A spokesperson for the bank said: "Bank of Ireland's priority is for the safety and well-being of the staff member and the family involved in this incident and all of the bank's support services have been made available to them."


Wrong information on recapitalisation and bonuses

The information provided to the Department of Finance in 2009 in advance of a recapitalisation of the bank which cost the taxpayer €3.5 billion "was incomplete and misleading". It also gave wrong information to the Minister for Finance who in turn misled the Dáil on €66 million in bonuses it paid since receiving a State guarantee. External examiners found it used "a restrictive and uncommon interpretation of what constituted a performance bonus". Their report also found that there had been "a catalogue of errors" and that the information supplied by Bank of Ireland to the Department of Finance was "presented in a manner which minimised the level of additional payments made". The Bank paid €2 million by way of compensation to the Exchequer for providing "misleading" information.


Relationship with outsourcing companies

The Bank has forged strong links with IT outsourcing companies since 2004 or earlier. On 1 November 2010 IBM won the $450M full scope outsource contract to manage BoI Group's Information Technology (IT) infrastructure services (e.g. mainframe, servers, desktops and print services) in a competitive bid against HP (the incumbent outsource provider) and
HCL HCL may refer to: Science and medicine * Hairy cell leukemia, an uncommon and slowly progressing B cell leukemia * Harvard Cyclotron Laboratory, from 1961 to 2002, a proton accelerator used for research and development * Hollow-cathode lamp, a spe ...
. This follows on from the Bank's natural expiration of its current agreement with HP, which was signed in 2004. Following a competitive bid process with a number of parties, IBM was selected for exclusive contract negotiations in July 2011. During the intervening period, an extensive due diligence phase has been undertaken and relevant regulatory approval has been granted. IBM will manage the Group's entire IT infrastructure, including desktop systems, servers, mainframes, local area networks and service desk. Since then, BOI has given HCL a €30m Business Process Outsourcing contract and has selected them as strategic local resourcing partner in Ireland. In addition to that, HCL have opened a software factory for Bank of Ireland in India and has started to outsource production support for the retail banking and payments applications in BOI. This exclusive relationship with HCL has been seen as controversial in the context of the substantial Irish taxpayer investment in Bank of Ireland – and the lack of any significant investment by HCL in Ireland. A banking analyst said in July 2011 that BOI's IT system is "very antiquated."


Closing accounts associated with Palestine

Bank of Ireland closed the accounts of Irish Palestine Solidarity campaign citing that the bank considered Palestine a high risk country. Sinn Féin TD Mary-Lou McDonald called this outrageous and an insult to the Palestinian people.


2008 share price collapse

On 5 March 2009, the shares reached €0.12 during the day, thereby reducing the value of the company by over 99% from its 2007 high. At the 2009 AGM, shareholders criticised the performance of their Auditors,
PriceWaterhouseCoopers PricewaterhouseCoopers is an international professional services brand of firms, operating as partnerships under the PwC brand. It is the second-largest professional services network in the world and is considered one of the Big Four accounting ...
. The Central Bank told the
Oireachtas The Oireachtas (, ), sometimes referred to as Oireachtas Éireann, is the Bicameralism, bicameral parliament of Republic of Ireland, Ireland. The Oireachtas consists of: *The President of Ireland *The bicameralism, two houses of the Oireachtas ...
Enterprise Committee that shareholders who lost their money in the banking collapse were to blame for their fate and got what was coming to them for not keeping bank chiefs in check, but did admit that the Central Bank had failed to give sufficient warning about reckless lending to property developers.


Arms


References


Sources

*


External links


Official Republic of Ireland Site

Official UK Site

BOI Payment Acceptance Official Site


* {{DEFAULTSORT:Bank Of Ireland Companies formerly listed on the New York Stock Exchange Banks of Ireland Companies listed on Euronext Dublin
Ireland Ireland ( ; ga, Éire ; Ulster Scots dialect, Ulster-Scots: ) is an island in the Atlantic Ocean, North Atlantic Ocean, in Northwestern Europe, north-western Europe. It is separated from Great Britain to its east by the North Channel (Grea ...
Financial services companies based in Dublin (city) Banks of Northern Ireland Banks established in 1783 1783 establishments in Ireland Banks under direct supervision of the European Central Bank Irish brands