Sunday 20 January 2019

Investors' fury over BoI losses

ANGRY shareholders have vented their frustration at the directors at Bank of Ireland as it was revealed they faced even more losses.

Governor Pat Molloy had an egg thrown at him during the bank's annual meeting at O'Reilly Hall in UCD.

He revealed that the State's ownership of the bank could rise from 36pc to more than 75pc, depending on the interest among bondholders and shareholders.

Bank shares have plummeted from a high of €11.86 in early 2007 to just 12.8c.

Management maintained that the economy had stabilised and that last year's €20bn run on the bank's deposits had ended once the then Government agreed the €85bn bailout with the IMF and EU in November.


And it said that the bank has submitted a revised restructuring plan to the European Commission reversing its decision to sell ICS Building Society and to delay the sale of New Ireland Assurance by a year.

Paul Haran, Dennis Holt, Heather Ann McSharry, Des Crowley and Denis Donovan retired as directors, while Mr Molloy, Richie Boucher, Rose Hynes, Jerome Kennedy, John O'Donovan and Patrick O'Sullivan were re-elected to the board.

All but Mr Molloy and Mr O'Sullivan were appointed before the financial crisis began in 2008.

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