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20th of August 2010
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News Tag: Bank of Ireland

July 28, 2010

Irish banks pass stress test

by David Masters
Irish banks pass stress test
Two of Ireland's most important financial institutions demonstrated their resilience this week by passing a European stress test. The Bank of Ireland and AIB passed the test conducted by the Committee of European Banking Supervisors in partnership with the European Central Bank. The test measured the banks' potential to survive intact through difficult economic circumstances. Irish finance minister Brian Lenihan welcomed the test results. The results ...

May 12, 2010

Post Office courts first-time buyers with 90% LTV interest only deal

by Gill Montia
The Post Office has launched new mortgage deals with first-time buyers in mind. The lender is not only happy with a minimum deposit of 10% but is also allowing borrowers to choose between an interest only and capital plus interest repayment option. For a two-year fix the rate is 5.45%, for a five-year 5.99%, and both loans come ...

April 26, 2010

Bank of Ireland in €3.4bn cash call

by Kay Murchie
Bank of Ireland in €3.4bn cash call
Bank of Ireland has announced plans to raise €3.4 billion (£2.9 billion) through a rights issue and private placing, in order to meet its capital needs and aid its recovery from the financial crisis. Last month the bank, which is the Irish Republic's biggest lender, said there is no let up from the ongoing crisis in the Irish economy. The economy ...

April 1, 2010

Anglo Irish Bank reports record loss

by Kay Murchie
Anglo Irish Bank, which was nationalised in January 2009, has admitted to experiencing a difficult 15-months. The bank has announced it made a loss of €12.7 billion (£11.4 billion) for the 15 months to the end of December. The news came just a day after the Bank of Ireland reported a loss of €1.8 billion in the first nine months of its financial ...

March 31, 2010

Bank of Ireland sees no end to economic crisis

by Kay Murchie
The Bank of Ireland has today reported a loss of €3 billion (£2.6 billion) in the first nine months of its financial year, with write-downs totalling €4 billion. In a statement, the bank said: "Revenues remain under pressure, in particular due to higher funding costs as we continue to extend the maturity profile of our wholesale funding." It also said ...

January 23, 2010

Mortgage rate cuts from Post Office and Northern Rock

by Gill Montia
Both Northern Rock and the Post Office have launched new mortgage deals with lower rates. The Post Office has cut the cost of its Bank of Ireland lifetime tracker loans from 3.29% to 2.99%, or from 3.59% to 3.49%, dependent upon the loan-to-value ratio. Bank of Ireland has also reduced the price of its five-year fixed-rate offering by 0.5% ...

December 2, 2009

Government unveils financial plans for the Post Office

by Kay Murchie
The Government has outlined plans for the Post Office to become a ‘people’s bank’ by offering financial products. The proposals, led by Business Secretary Lord Peter Mandelson, will create a ‘People’s Bank’, which will see Post Office outlets as the backbone of a new national bank. According to the Government, the plans will turn the Post Office into "a leading player ...

November 4, 2009

Bank of Ireland posts losses of almost €1bn

by Kay Murchie
Bank of Ireland has today reported a pre-tax loss of €979 million for the six months to the end of September, compared to a profit of €647 million in the same period a year ago. The bank described the last six months as "difficult" and said it was very cautious about future economic prospects, adding that there were "some indications ...

February 2, 2009

Ireland’s two largest banks in Government bailout

by Kay Murchie
Allied Irish Bank (AIB) and Bank of Ireland are set to receive €3.5 billion each from the Irish Government and are in discussions on providing insurance against potential losses from bad debts arising from constructions projects and land deals. Under the terms, should any loans have to be written off, the Government will take 80% of the value of the insured ...

December 22, 2008

Irish Government steps in to assist country’s largest banks

by Kay Murchie
The Irish Government has confirmed it is to provide €5.5billion (£5.12 billion) to the country's three biggest banks. The three struggling banks, which are the Bank of Ireland, AIB (Allied Irish Bank), and Anglo-Irish, are to receive the funds in return for shares. Anglo-Irish is set to receive €1.5 billion in return for 75% shares with an annual fixed ...

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