|Type||Public limited company|
| Euronext Dublin: BIRG |
ISEQ 20 component
|Founded||5 April 1783|
|Headquarters||Ballsbridge, Dublin, Ireland|
| Ireland |
| Patrick Kennedy |
|Revenue||€3,763 million (2021)|
|€1,139 million (2021)|
|€1,221 million (2021)|
Number of employees
Bank of Ireland Group plc (Irish : Banc na hÉireann) is a commercial bank 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 in 1783.
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, 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 (Dublin) and Blackwell's (Oxford).
In 1958, the Bank took over the Hibernian Bank Limited.In 1965, The National Bank Ltd, a bank founded by Daniel O'Connell 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.
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's Citizens Financial Group. 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 building society for UK£600 million (€882 million), which kept its own brand.In 1999, the bank held merger talks with Alliance & Leicester, 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.
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 and the impact of a more challenging economic environment on profitability at Bank of Ireland. A share price collapse followed. 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 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 2009, The Irish government announced a €7
In 2010, The European Commission 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.
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.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.
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 and Bank of England. 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 in 1922 until 31 December 1971, Bank of Ireland was the banker of the Irish Government.
The headquarters of the bank until the 1970s was the impressive Parliament House on College Green, 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 parliament building.
The bank had planned to commission a building designed by Sir John Soane 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 chamber within the old headquarters building. The Oireachtas, the modern parliament of Ireland, is now housed in Leinster House in Dublin. In 2011, the Irish Government 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, 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.
Bank of Ireland is headquartered in Dublin, and has operations in the Republic of Ireland, Northern Ireland, Great Britain and elsewhere.
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.
In Northern Ireland, Bank of Ireland prints its own banknotes in Pounds Sterling (see section on banknotes below).
In 2021, the number of branches in Northern Ireland was cut from 28 to 13.
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 throughout the UK and AA Savings.
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.
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, where it retains the legal right (dating from before the partition of Ireland) to print its own banknotes. These are pound sterling notes and equal in value to Bank of England notes, and should not be confused with banknotes of the former Irish pound.
The obverse 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 figure, surrounded by the Latin motto 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 on the reverse side. Prior to 2008, all Bank of Ireland notes featured an image of the Queen's University of Belfast on the reverse side.
The principal difference between the denominations is their colour and size:
The Bank of Ireland has never issued its own banknotes in the Republic of Ireland. 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.
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.
A IR£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 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, Boyle, Roscrea (1990), Milltown Malbay (1991), Dundalk (1989–90), Killester (1992), Tullamore (1993), Mullingar (1996), Castlecomer, Clonmel, Ballybricken, Ballinasloe, Skibbereen (1988), Dungarvan and, disclosed to the Oireachtas Public Accounts Sub-Committee, Ballaghaderreen (1998) and Ballygar (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.
In April 2008 it was announced that four laptops with data pertaining to 10,000 customerswere 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, 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 and the Central Bank of Ireland until mid-April 2008. It also came to light that none of the laptops used encryption 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.
On 27 February 2009, it was reported that a criminal gang from Dublin had stolen €7 million from the Bank of Ireland's main branch in College Green. The robbery was the biggest in the history of Ireland, 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."
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.
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. 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."
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.
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.
The Central Bank told 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.
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 the United Kingdom, it is the world's eighth-oldest bank. It was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946 by the Attlee ministry.
An Post is the state-owned provider of postal services in Ireland. An Post provides a "universal postal service" to all parts of the country as a member of the Universal Postal Union. Services provided include letter post, parcel service, deposit accounts, Express Post, and EMS.
Sterling banknotes are the banknotes in circulation in the United Kingdom and its related territories, denominated in pounds sterling.
The Bank of Scotland plc 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 the Parliament of Scotland in 1695 to develop Scotland's trade with other countries, and aimed to create a stable banking system in the Kingdom of Scotland.
The Bank of America Corporation is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank was founded in San Francisco and took its present form when NationsBank of Charlotte acquired it in 1998. It is the second-largest banking institution in the United States, after JPMorgan Chase, and the second largest bank in the world by market capitalization. Bank of America is one of the Big Four banking institutions of the United States. It serves approximately 10.73% of all American bank deposits, in direct competition with JPMorgan Chase, Citigroup, and Wells Fargo. Its primary financial services revolve around commercial banking, wealth management, and investment banking.
The Central Bank of Ireland 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. It was the issuer of Irish pound banknotes and coinage until the introduction of the Euro currency, and now provides this service for the European Central Bank.
Anglo Irish Bank was an Irish bank headquartered in Dublin from 1964 to 2011. It began to wind down after nationalisation in 2009. In July 2011 Anglo Irish merged with the Irish Nationwide Building Society, forming a new company named the Irish Bank Resolution Corporation. Michael Noonan, the Minister for Finance stated that the name change was important in order to remove "the negative international references associated with the appalling failings of both institutions and their previous managements".
Ulster Bank is a large retail bank, and one of the traditional Big Four Irish clearing banks. The Ulster Bank Group is subdivided into two separate legal entities: National Westminster Bank, trading as Ulster Bank ; and Ulster Bank Ireland dac. The headquarters of Ulster Bank in the Republic of Ireland are located on George's Quay, Dublin, whilst the headquarters of Ulster Bank Northern Ireland are in Donegall Square East, Belfast,, and it maintains a large sector of the financial services in both the UK and the Republic of Ireland.
Danske Bank, formerly known as the National Irish Bank, is a bank operating in the Republic of Ireland. The bank is a subsidiary of the Danske Bank Group which is headquartered in Copenhagen.
Permanent TSB Group Holdings plc, formerly Irish Life and Permanent plc is a provider of personal financial services in Ireland. Irish Life Assurance plc and the Irish Permanent Building Society merged to form the Irish Life and Permanent Group in 1999 and the merged entity acquired the Trustee Savings Bank in 2001. The group has no connection to the UK's TSB Bank.
Bank of Scotland (Ireland) Limited was a wholly owned subsidiary of the Bank of Scotland, which later became part of Lloyds Banking Group. It offered commercial and corporate banking services under the Bank of Scotland brand and retail banking services under the Halifax brand. From 10 February 2010 the bank no longer accepted new business and it ceased to operate as a licensed bank on 31 December 2010. The assets of the bank were merged into Bank of Scotland plc.
Allied Irish Banks, p.l.c. is one of the so-called Big Four commercial banks in Ireland. AIB offers a full range of personal, business and corporate banking services. The bank also offers a range of general insurance products such as home, travel and car. It offers life assurance and pensions through its tied agency with Irish Life Assurance plc.
Brian Hayes is a former Irish Fine Gael politician who served as a Minister of State from 2011 to 2014, Leader of the Opposition in the Seanad and Leader of Fine Gael in the Seanad from 2002 to 2007. He served as a Member of the European Parliament (MEP) for the Dublin constituency from 2014 to 2019. He was as a Teachta Dála (TD) for the Dublin South-West constituency from 1997 to 2002 and 2007 to 2014. He was also a Senator from 1995 to 1997, after being nominated by the Taoiseach and from 2002 to 2007 for the Cultural and Educational Panel.
KBC Bank Ireland plc is a bank in Ireland with offices in Dublin, Cork, Limerick, Galway, Waterford and Belfast.
The Irish property bubble was the speculative excess element of a long-term price increase of real estate in the Republic of Ireland from the early 2000s to 2007, a period known as the later part of the Celtic Tiger. In 2006, the prices peaked at the top of the bubble, with a combination of increased speculative construction and rapidly rising prices; in 2007 the prices first stabilised and then started to fall until 2010 following the shock effect of the Great Recession. By the second quarter of 2010, house prices in Ireland had fallen by 35% compared with the second quarter of 2007, and the number of housing loans approved fell by 73%.
The Royal Bank of Scotland plc is a major retail and commercial bank in Scotland. It is one of the retail banking subsidiaries of NatWest Group, together with NatWest and Ulster Bank. The Royal Bank of Scotland has around 700 branches, mainly in Scotland, though there are branches in many larger towns and cities throughout England and Wales. The bank is completely separate from the fellow Edinburgh-based bank, the Bank of Scotland, which pre-dates the Royal Bank by 32 years. The Royal Bank of Scotland was established in 1724 to provide a bank with strong Hanoverian and Whig ties.
Banknotes have been issued by the Bank of Ireland for circulation in Northern Ireland since 1922.
National Westminster Bank, commonly known as NatWest, is a major retail and commercial bank in the United Kingdom based in London, England. It was established in 1968 by the merger of National Provincial Bank and Westminster Bank. In 2000, it became part of The Royal Bank of Scotland Group, which was re-named NatWest Group in 2020. Following ringfencing of the group's core domestic business, the bank became a direct subsidiary of NatWest Holdings; NatWest Markets comprises the non-ringfenced investment banking arm. The British government currently owns around 48.1%, previously 54.7% of NatWest Group after spending 45 billion pounds bailing out the lender in 2008.
The Banking Act 2009 is an Act of the Parliament of the United Kingdom that entered into force in part on the 21 February 2009 in order, amongst other things, to replace the Banking Act 2008. The Act makes provision for the nationalisation of banks, amends the law on bank insolvency and administration, and makes provision about the Financial Services Compensation Scheme. It also makes provision about the regulation of inter-bank payment schemes, amends the law on the issue of banknotes by Scottish and Northern Irish banks, and makes other miscellaneous amendments to the law on banking.
Northern Bank Limited T/A Danske Bank is a retail bank in Northern Ireland. Northern Bank is one of the oldest banks in Ireland having been formed in 1809, and forms part of one of the Big Four banks in Ireland. Northern Bank took on the name of its parent company Danske Bank as its trading name in November 2012. It is a leading bank in Northern Ireland and a growing bank in Great Britain. In Northern Ireland the Bank issues its own banknotes.
Bank of Ireland, College Green ... is the world's first purpose-built two-chamber parliament house.
The Parliament House was purchased by "The Bank of Ireland" in 1803.