Monday 21 January 2019

BoI says deposits have 'stabilised'

BANK of Ireland said its deposits have stabilised in recent months after "significant outflows" of money in the three months leading up to the announcement of Ireland's EU/IMF bailout package.

The bank also said loan losses -- excluding those transferred to Nama -- were lower compared with 2009.

During the year, the bank also transferred loans with an original value of €9.4bn to Nama, receiving €5.2bn in return.

Bank of Ireland still has loans worth around €5bn yet to be transferred to Nama, whose chairman is Frank Daly (above).

The bank said it expected its profits for last year -- excluding losses -- to be 25pc to 30pc lower than €1.4bn recorded in the previous year. It said loans to customers continued to fall last year.

Bank of Ireland also said it had resumed paying dividends and coupons on certain capital instruments, and as a result would pay €214.5m to the National Pensions Reserve Fund next week on preference shares held by the State.

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