View source for Bank of Ireland

{{Short description|Irish commercial bank}}
{{Distinguish|text=the [[Central Bank of Ireland]]}}
{{Use Hiberno-English|date=February 2021}}
{{Use dmy dates|date=October 2020}}
{{Infobox company
| name = Bank of Ireland Group plc
| logo = Bank of Ireland.svg
| logo_size = 185px
| type = [[Public company|Public]]
| traded_as = {{EuronextDublin|BIRG|IE00BD1RP616}}<br />{{LSE|BIRG}}<br />[[ISEQ 20]] component
| ISIN = {{ISIN|sl=n|pl=y|IE00BD1RP616}}
| foundation = {{start date and age|1783|4|5|df=y}}
| location = Upper Baggot St, [[Dublin]], Ireland
| key_people = {{ubl|[[Patrick Kennedy (banker)|Patrick Kennedy]]<br />{{small|(Governor)}}|[[Myles O'Grady]]<br />{{small|(CEO)}}}}
| area_served = {{hlist|[[Republic of Ireland|Ireland]]|[[United Kingdom]]}}
| industry = {{Plainlist|
*Banking
*[[Financial services]]}}
| products = {{Plainlist|
*[[Finance and insurance]]
*[[Retail banking]]
*[[Commercial bank|Corporate banking]]
*[[Investment banking]]
*[[Private banking]]
*[[Mortgage]]s
*[[Credit card]]s}}
| revenue = €7,817&nbsp;million (2023)
| operating_income = €4,428&nbsp;million (2023)
| net_income = €1,601&nbsp;million (2023)
| assets = 
| equity = 
| num_employees = 10,845 (2023)
| subsid = 
| homepage = {{official URL}}
| footnotes = 
}}
'''Bank of Ireland Group plc''' ({{langx|ga|Banc na hÉireann}}) is a commercial [[bank]] operation in [[Republic of Ireland|Ireland]] and one of the traditional [[Big Four (banking)#Ireland|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.<ref>{{cite news|url=http://www.rte.ie/news/2011/0331/banks-business.html |title=Banks need fresh €24 billion – Central Bank |date=31 March 2011 |work=RTÉ News |access-date=31 March 2011 |url-status=dead |archive-url=https://web.archive.org/web/20110403015255/http://www.rte.ie/news/2011/0331/banks-business.html |archive-date= 3 April 2011}}</ref>

Bank of Ireland has been designated as a Significant Institution since the entry into force of [[European Banking Supervision]] in late 2014, and as a consequence is directly supervised by the [[European Central Bank]].<ref>{{cite web |website=European Central Bank |title=The list of significant supervised entities and the list of less significant institutions |url=https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm-listofsupervisedentities1409en.pdf |date={{date|2014/09/04}} }}</ref><ref>{{cite web |website=European Central Bank |title=List of supervised entities |date={{date|2023/01/01}} |url=https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.listofsupervisedentities202302.en.pdf }}</ref>

== History ==
Bank of Ireland is the oldest bank in continuous operation (apart from closures due to bank strikes in 1950, 1966, 1970, 1976, 1992<ref>{{Cite web|date=29 December 1999|title=How six-month bank strike rocked the nation|url=https://www.independent.ie/business/how-six-month-bank-strike-rocked-the-nation-26130249.html|access-date=2020-07-06|website=The Independent|language=en}}</ref> and 1992) in Ireland.

{{anchor|Bank of Ireland Act 1781}}
{{Infobox UK legislation
| short_title           = Bank of Ireland Act 1781
| type                  = Act
| parliament            = Parliament of Ireland
| long_title            = An Act for establishing a Bank, by the Name of the Governors and Company of the Bank of Ireland.
| year                  = 1781
| citation              = 21 & 22 Geo. 3. c. 16 (I)
| introduced_commons    = 
| introduced_lords      = 
| territorial_extent    = [[Kingdom of Ireland]]
| royal_assent          = 4 May 1782
| commencement          = 
| expiry_date           = 
| repeal_date           = 
| amends                = 
| replaces              = 
| amendments            = [[Criminal Statutes Repeal Act 1861]]
| repealing_legislation = 
| related_legislation   = 
| status                = 
| legislation_history   = 
| theyworkforyou        = 
| millbankhansard       = 
| original_text         = https://www.irishstatutebook.ie/eli/1781/act/16/enacted/en/print.html
| revised_text          = 
| use_new_UK-LEG        = 
| UK-LEG_title          = 
| collapsed             = yes
}}
The '''Bank of Ireland Act 1781''' (21 & 22 Geo. 3. c. 16 (I)) was passed by the [[Parliament of Ireland]], establishing the Bank of Ireland.<ref>{{cite Irish legislation |year=1781 |number=16 |name= Bank of Ireland Act 1781 |parl=iparl|access-date=21 June 2021}}</ref> On 25 June 1783, Bank of Ireland opened for business at [[St. Mary's Abbey, Dublin|St Mary's Abbey]] in a private house previously owned by one Charles Blakeney.<ref name="history">{{Cite web|url=http://www.bankofireland.com/about-boi-group/about-the-group/company-overview/boi-history/|title=Bank of Ireland History|publisher=Bank of Ireland|archive-url=https://web.archive.org/web/20101130161414/http://www.bankofireland.com/about-boi-group/about-the-group/company-overview/boi-history/|archive-date=30 November 2010|url-status=dead}}</ref><ref>{{Cite news|last=Barter|first=Pavel|title=Bank of Ireland pressed to open up archive that dates to 1783|newspaper=[[The Times]] |language=en|url=https://www.thetimes.com/business-money/economics/article/bank-of-ireland-pressed-to-open-up-archive-that-dates-to-1783-rzz5q097c|access-date=2020-10-14|issn=0140-0460}}</ref>

On 6 June 1808, Bank of Ireland moved to the former [[Parliament House, Dublin|Parliament House]] at 2 College Green.<ref name="history" /> By 1827, it had seven branches outside of Dublin, in Belfast, Clonmel, Cork, Derry, Newry, Waterford and Westport.<ref name="Bank of Ireland History">{{cite web |title=Bank of Ireland History |url=https://www.bankofireland.com/about-bank-of-ireland/about-the-group/bank-of-ireland-history/ |website=Bank of Ireland |access-date=18 August 2023}}</ref>

In 1864, Bank of Ireland paid its first interest on deposits.<ref name="history" />

By 1883, Bank of Ireland had 58 branches throughout Ireland, and by 1920, the number had grown to 75.<ref name="Bank of Ireland History"/>

In 1922, Bank of Ireland was appointed as banker to the Government of Ireland.<ref name="Bank of Ireland History"/>

In 1926, Bank of Ireland took control of the National Land Bank.<ref name="history" /><ref>{{Cite book|last=Cheminant|first=Keith Le|url=https://books.google.com/books?id=twnz6G15_pIC&pg=PA125|title=Colonial and Foreign Banking Systems (RLE Banking & Finance)|date=2012-11-27|publisher=Routledge|isbn=978-1-136-26513-6|pages=125|language=en}}</ref> In 1948, ''The Bank of Ireland 1783–1946'' by F.G. Hall was published jointly by [[Hodges Figgis]] (Dublin) and [[Blackwell's]] (Oxford).<ref>{{Cite journal|last=Shirras|first=G. Findlay|date=March 1950|title=Review of ''The Bank of Ireland, 1783-1946''|journal=[[The Economic Journal]]|volume=60|issue=237|pages=139–142|doi=10.2307/2227223|jstor=2227223}}</ref>

In 1958, the bank took over the Hibernian Bank Limited.<ref name="history" />

In 1965, the National Bank Ltd, a bank founded by [[Daniel O'Connell]] in 1835, had branches in Ireland and Britain.<ref>{{Cite web|last=Molloy|first=Tom|date=9 May 2013|title=Daniel O'Connell set up a bank. Who will be next?|url=https://www.independent.ie/business/irish/daniel-oconnell-set-up-a-bank-who-will-be-next-29253080.html|access-date=2020-07-06|website=The Independent|language=en}}</ref> The Irish branches were acquired by Bank of Ireland<ref>{{Cite book|last=McCabe|first=Conor|url=https://books.google.com/books?id=6O8TDQAAQBAJ|title=Sins of the Father: Tracing the Decisions that Shaped the Irish Economy|date=2011-06-01|publisher=The History Press|isbn=978-1-84588-719-3|language=en}}</ref> (changing its name to the National Bank of Ireland Ltd),<ref name="Bank of Ireland History"/> 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]].<ref name="history" />

In 1969, Bank of Ireland, Hibernian Bank and the National Bank of Ireland were merged to form the Bank of Ireland Group.<ref name="Bank of Ireland History"/>

In 1980, Bank of Ireland opened its first [[Automated teller machine|ATM]] (branded as Pass Machines).<ref>{{Cite web|title=First ATM in Ireland|url=https://www.rte.ie//archives/2013/0213/367564-first-atm-in-ireland-1980/|access-date=2020-10-14|website=RTÉ Archives|language=en}}</ref><ref>{{Cite web|title=Ireland's First ATM|url=https://www.rte.ie//archives/2015/0213/679861-irelands-first-atm/|access-date=2020-10-14|website=RTÉ Archives|language=en}}</ref> 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.<ref>{{Cite web|title=RNZIH - Book Review - An Irish Florilegium II|url=http://www.rnzih.org.nz/Book_Reviews/IrishFlorilegiumII.htm|access-date=2020-07-06|website=www.rnzih.org.nz}}</ref> 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 1990, Bank of Ireland offered Visa cards for the first time.<ref name="Bank of Ireland History"/> In 1995, Bank of Ireland merged First New Hampshire Bank with [[Royal Bank of Scotland]]'s [[Citizens Financial Group]].<ref>{{Cite news|url=https://apnews.com/af62b185bbde6774790a54ceb9dff5ee|title=Citizens, First NH Announce Merger Plans|last=Baker|first=Frank|date=18 December 1995|work=[[Associated Press]]|archive-url=https://archive.today/20190406185117/https://apnews.com/af62b185bbde6774790a54ceb9dff5ee|archive-date=6 April 2019|url-status=live}}</ref> In 1996, it introduced telephone banking.<ref name="Bank of Ireland History"/>

In 1996, Bank of Ireland bought the [[Bristol and West]] building society for UK£600 million (€882 million), which kept its own brand.<ref>{{Cite news|url=https://www.theguardian.com/money/2009/jan/10/bristol-west-mortgages|title=After 158 years, the end is nigh for Bristol & West|last=Brignall|first=Miles|date=9 January 2000|work=[[The Guardian]]|archive-url=https://web.archive.org/web/20190323083101/https://www.theguardian.com/money/2009/jan/10/bristol-west-mortgages|archive-date=23 March 2019|url-status=live}}</ref> In 1997, Bank of Ireland acquired New Ireland Assurance plc.<ref name="Bank of Ireland History"/>

In 1997, Bank of Ireland introduced Internet banking.<ref name="Bank of Ireland History"/>

In 1999, the bank held merger talks with [[Alliance & Leicester]], but they were called off.<ref>{{Cite news|url=https://www.moneymarketing.co.uk/alliance-leicester-scraps-bank-of-ireland-merger-plans/|title=Alliance & Leicester scraps Bank of Ireland merger plans|date=18 June 1999|work=[[Money Marketing]]|archive-url=https://web.archive.org/web/20130720151224/http://www.moneymarketing.co.uk/news/alliance-and-leicester-scraps-bank-of-ireland-merger-plans/90151.article|archive-date=20 July 2013|url-status=live|url-access=subscription }}</ref> In 2000, it was announced that Bank of Ireland was acquiring [[Chase de Vere]].<ref>{{Cite news|url=https://www.telegraph.co.uk/finance/4460235/Ireland-bank-buys-Chase-de-Vere.html|title=Ireland bank buys Chase de Vere|last=English|first=Simon|date=29 July 2000|work=[[The Daily Telegraph|The Telegraph]]|archive-url=https://web.archive.org/web/20190323083101/https://www.telegraph.co.uk/finance/4460235/Ireland-bank-buys-Chase-de-Vere.html|archive-date=23 March 2019|url-status=live}}</ref> This share was later sold in 2004.<ref name="Bank of Ireland History"/>

In 2001, the bank acquired Moneyextra.<ref name="Bank of Ireland History"/> In 2002, it acquired a 61% share in Iridian, a US investment manager, which doubled the size of its asset management business.<ref>{{Cite web|url=https://www.ipe.com/news/bank-of-ireland-am-moves-into-us-by-buying-iridian/5421.article#.UNW4Km83Z_c|title=Bank of Ireland AM moves into US by buying Iridian|last=Reid|first=Dickon|date=16 May 2002|website=Investment & Pensions Europe|archive-url=https://web.archive.org/web/20190406184420/https://www.ipe.com/news/bank-of-ireland-am-moves-into-us-by-buying-iridian/5421.article|archive-date=6 April 2019|url-status=live}}</ref> It increased its share to 76% in 2004.<ref name="Bank of Ireland History"/> In 2005, Bank of Ireland completed the sale of the Bristol and West branch and Direct Savings (Contact Centre) to [[Britannia Building Society]].<ref>{{Cite news|url=https://www.theguardian.com/money/2005/may/24/accounts.business|title=Britannia to acquire Bristol & West|last=Osborne|first=Hilary|date=24 May 2005|work=[[The Guardian]]|archive-url=https://web.archive.org/web/20190323083102/https://www.theguardian.com/money/2005/may/24/accounts.business|archive-date=23 March 2019|url-status=live}}</ref>

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.<ref>[http://www.rte.ie/news/2008/1117/boi-business.html Bank of Ireland shares plummet to 83 cent] RTÉ News, 30 January 2009</ref> In 2009, The Irish government announced a €7&nbsp;billion rescue package for the bank and Allied Irish Banks plc in February.<ref>{{Cite news|url=https://www.irishtimes.com/news/boi-aib-shares-rebound-after-early-falls-1.836254|title=BoI, AIB shares rebound after early falls|date=17 February 2009|newspaper=[[The Irish Times]]|archive-url=https://web.archive.org/web/20160327132918/https://www.irishtimes.com/news/boi-aib-shares-rebound-after-early-falls-1.836254|archive-date=27 March 2016|url-status=live}}</ref> [[Bank of Ireland robbery|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&nbsp;billion over three years to March 2011, a bad debt level which was exceeded by almost €1&nbsp;billion within a matter of months.<ref>{{cite news|url=http://www.thepost.ie/themarket/comment-50923.html|title=Comment|date=8 August 2010|work=[[The Sunday Business Post]]|access-date=22 December 2012|archive-url=https://web.archive.org/web/20111001050131/http://www.thepost.ie/themarket/comment-50923.html|archive-date=1 October 2011|url-status=dead}}</ref><ref>[https://web.archive.org/web/20100917090507/http://www.bankofireland.com/includes/investor/pdfs/statement_12022009.pdf Capital Raising Announcement and Interim Management Statement 12 February 2009]</ref>

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.<ref>{{cite web|url=http://www.bankofireland.com/includes/investor/pdfs/final_eu_restructuring_plan.pdf |title=EU Restructuring Plan – Bank of Ireland ROI |publisher=Bankofireland.com |access-date=22 December 2012}}</ref> In 2011, the Securities Services Division of the bank was sold to [[Northern Trust Corporation]].<ref>{{cite web|url=http://www.bankofireland.com/about-boi-group/press-room/press-releases/item/245/the-governor-and-company-of-the-bank-of-ireland-sale-of-bank-of-ireland-securities-services/#february|title=The Governor and Company of the Bank of Ireland Sale of Bank of Ireland Securities Services|date=24 February 2011|publisher=Bank of Ireland|archive-url=https://web.archive.org/web/20110726074301/http://www.bankofireland.com/about-boi-group/press-room/press-releases/item/245/the-governor-and-company-of-the-bank-of-ireland-sale-of-bank-of-ireland-securities-services/|archive-date=26 July 2011|url-status=dead|access-date=22 December 2012}}</ref><ref>{{cite news|url=https://www.bloomberg.com/news/2011-02-24/bank-of-ireland-to-sell-fund-services-arm-to-northern-trust-1-.html|title=Bank of Ireland to Sell Fund Services Arm to Northern Trust|last1=Brennan|first1=Joe|date=24 February 2011|work=[[Bloomberg L.P.|Bloomberg]]|archive-url=https://web.archive.org/web/20110814093439/https://www.bloomberg.com/news/2011-02-24/bank-of-ireland-to-sell-fund-services-arm-to-northern-trust-1-.html|archive-date=14 August 2011|url-status=live|last2=Doyle|first2=Dara|url-access=subscription }}</ref>

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.<ref>The Guardian 02.03.13</ref>

In 2014, regulation of the bank was transferred to the [[European Central Bank]].<ref>{{cite web|url=http://www.ecb.europa.eu/pub/pdf/other/ssm-listofsupervisedentities1409en.pdf|title=The list of significant supervised entities and the list of less significant institutions|date=4 September 2014|publisher=[[European Central Bank]]|archive-url=https://web.archive.org/web/20181003192724/https://www.ecb.europa.eu/pub/pdf/other/ssm-listofsupervisedentities1409en.pdf|archive-date=3 October 2018|url-status=live|access-date=4 October 2014}}</ref> 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.<ref>{{Cite web|url=https://www.bankofireland.com/about-bank-of-ireland/press-room/press-releases/item/435/bank-of-ireland-signs-major-long-term-deal-with-evo-payments-international/|title=Bank of Ireland signs major long-term deal with EVO Payments International|date=3 September 2014|publisher=Bank of Ireland|archive-url=https://web.archive.org/web/20140908144216/https://www.bankofireland.com/about-bank-of-ireland/press-room/press-releases/item/435/bank-of-ireland-signs-major-long-term-deal-with-evo-payments-international/|archive-date=8 September 2014|url-status=dead}}</ref>

In September 2022, the Irish state sold its remaining shareholding in the bank to return it to fully private ownership for the first time in a decade.<ref>{{cite web |title=Minister announces the State's exit from its Bank of Ireland directed shareholding |url=https://www.gov.ie/en/press-release/4183a-minister-announces-the-states-exit-from-its-bank-of-ireland-directed-shareholding/#:~:text=The%20Minister%20for%20Finance%20Paschal,banking%20sector%20to%20private%20ownership. |website=www.gov.ie |access-date=31 July 2023 |language=en |date=23 September 2022}}</ref>

In Summer 2025, upgrade of its ATM network for the first time since the 1990s.

=== 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]] 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]].<ref name=history/>

=== Headquarters ===
Bank of Ireland is headquartered at Baggot Plaza, 27-33 Upper Baggot Street, Dublin 4.<ref>{{cite web | url=https://www.bankofireland.com/about-bank-of-ireland/about-the-group/bank-of-ireland-worldwide/country/republic-of-ireland/ | title=Republic of Ireland - Bank of Ireland Group Website }}</ref>

[[Image:Ireland - Dublin - Bank of Ireland.jpg|thumb|right|The former [[Irish House of Lords|House of Lords]] entrance to [[Parliament House, Dublin|Parliament House]] on Westmoreland Street, Dublin]]
The headquarters of the bank until the 1970s was the impressive [[Irish Houses of Parliament|Parliament House]] on [[College Green, Dublin|College Green]], Dublin. This building was originally designed by [[Edward Lovett Pearce|Sir Edward Lovett Pearce]] in 1729 to host the [[Parliament of Ireland|Irish Parliament]], and it was the world's first purpose-built [[bicameral]] parliament building.<ref>{{cite web|url=http://buildings.multiply.com/journal/item/63|title=Architecture Group – Irish Parliament Building|last=Caldwell|first=David|date=12 October 2008|archive-url=https://web.archive.org/web/20110812225037/http://buildings.multiply.com/journal/item/63|archive-date=12 August 2011|url-status=dead|access-date=24 May 2011|quote=Bank of Ireland, College Green ... is the world's first purpose-built two-chamber parliament house.}}</ref>

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 1800|Act of Union]] in 1800, when the newly defunct [[Parliament House, Dublin|Parliament House]] was bought by the Bank of Ireland in 1803.<ref name="hqpurchase">{{cite web|url=http://anchorhousedublin.com/attractions-in-dublin-city/dublin-house-of-lords|title=The House of Lord's Dublin|website=Anchor House Dublin|archive-url=https://web.archive.org/web/20190402220245/http://anchorhousedublin.com/attractions-in-dublin-city/dublin-house-of-lords|archive-date=2 April 2019|url-status=live|access-date=24 May 2011|quote=The Parliament House was purchased by "The Bank of Ireland" in 1803.}}</ref> 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 Éireann|Oireachtas]], the modern parliament of [[Republic of Ireland|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.<ref>{{cite news|url=https://www.irishtimes.com/news/government-wants-to-repossess-landmark-college-green-bank-1.570952|title=Government wants to repossess landmark College Green bank|author=Cullen|first=Paul|date=14 May 2011|newspaper=[[The Irish Times]]|access-date=14 May 2011|archive-url=https://web.archive.org/web/20111017003138/http://www.irishtimes.com/newspaper/frontpage/2011/0514/1224296946151.html|archive-date=17 October 2011|url-status=live}}</ref>

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.<ref>McDonald, p. 111</ref>

In 2010 the bank moved to smaller headquarters on Mespil Road.<ref>{{Cite news |last=O'Mahony |first=Brian |title=Bank of Ireland will move its HQ by March |url=https://www.irishexaminer.com/ireland/bank-of-ireland-will-move-its-hq-by-march-109740.html |newspaper=Irish Examiner |date=2010-01-15 |access-date=2020-04-10}}</ref> In 2021 the Bank announced they were moving their headquarters again<ref>{{cite news | url=https://www.irishtimes.com/business/financial-services/bank-of-ireland-to-quit-second-headquarters-in-11-years-1.4519149 | title=Bank of Ireland to quit second headquarters in 11 years | newspaper=[[The Irish Times]] }}</ref>

== Banking services ==

Bank of Ireland is headquartered at Group Head Office Baggot Plaza 27-33 Upper Baggot St [[Dublin]], 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.<ref>[http://personalbanking.bankofireland.com/ Bank of Ireland: Personal Banking] {{webarchive|url=https://web.archive.org/web/20160106213817/https://personalbanking.bankofireland.com/ |date=6 January 2016 }}</ref>

At its height in 1969, Bank of Ireland had 500 branches in the Republic of Ireland.<ref>{{cite news | url=https://www.irishtimes.com/news/bank-of-ireland-decision-to-close-howth-branch-draws-sharp-criticism-from-local-businesses-1.1099644 | title=Bank of Ireland decision to close Howth branch draws sharp criticism from local businesses | newspaper=[[The Irish Times]] }}</ref> By 2022, the number of branches had gradually been cut to 169.<ref name="irishexaminer.com">{{cite web | url=https://www.irishexaminer.com/business/economy/arid-40235471.html | title=Revealed: Full list of Bank of Ireland branch closures | date=8 October 2021 }}</ref><ref>{{cite news | url=https://www.irishtimes.com/business/2022/12/13/boi-to-invest-115m-in-branch-upgrade/ | title=Bank of Ireland to invest €11.5m to refurbish and upgrade its branch network | newspaper=[[The Irish Times]] }}</ref>

=== Northern Ireland ===
In Northern Ireland, Bank of Ireland prints its own banknotes in [[Pound sterling|Pounds Sterling]] (see section on banknotes below).

In 2021, the number of branches in Northern Ireland was cut from 28 to 13.<ref name="irishexaminer.com"/>

=== 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 [[Post Office Ltd.|Post Office]] branded savings accounts throughout the UK. The bank previously offered Post Office mortgages and personal loans, as well as [[The AA|AA]] branded savings and personal loans, but withdrew these products in 2023.<ref>{{Cite web |date=2023-12-05 |title=Bank of Ireland ends AA partnership, trims UK Post Office offering |url=https://www.reuters.com/business/finance/bank-ireland-ends-aa-partership-narrows-uk-post-office-offering-2023-12-05/ |access-date=2025-04-25 |website=[[Reuters]]}}</ref>

=== Rest of world ===

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

== Banknotes ==
[[Image:Bank of Ireland sterling 5 .jpg|thumb|right|200px|A UK£5 sterling note issued by Bank of Ireland in Northern Ireland]]
{{main|Banknotes of the Bank of Ireland (Northern Ireland)}}
{{See also|Banknotes of Northern Ireland|Banknotes of the pound sterling}}
Although the Bank of Ireland is not a central bank, it does have [[Pound sterling|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 note issues|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 [[Escutcheon (heraldry)|heraldic shields]] each representing one of the [[Counties of Northern Ireland|six counties]] of Northern Ireland. Below this is a depiction of a seated [[Hibernia (personification)|Hibernia]] figure, surrounded by the [[Latin]] [[motto]] of the Bank, ''Bona Fides Reipublicae Stabilitas'' ("Good Faith is the Cornerstone of the State").<ref>{{cite web|title=Bank Notes: £5 note Bushmills 2013 Series|url=http://boini.bankofireland.com/about-boi-group/bank-notes/note/16/|website=Bank of Ireland|access-date=30 March 2016|archive-url=https://web.archive.org/web/20150717073525/http://boini.bankofireland.com/about-boi-group/bank-notes/note/16|archive-date=17 July 2015|url-status=dead}}</ref> 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.<ref>{{cite web|title=Bank Notes|url=http://boini.bankofireland.com/about-boi-group/bank-notes/|website=Bank of Ireland|access-date=30 March 2016|archive-url=https://web.archive.org/web/20160320223319/http://boini.bankofireland.com/about-boi-group/bank-notes/|archive-date=20 March 2016|url-status=live}}</ref><ref name="bushmills1">{{cite web|url=https://www.bankofireland.com/about-bank-of-ireland/press-room/press-releases/item/174/bank-of-ireland-to-feature-old-bushmills-distillery-on-new-northern-ireland-note-issue/|title=Bank of Ireland to feature Old Bushmills Distillery on new Northern Ireland note issue|date=11 February 2008|publisher=Bank of Ireland|access-date=30 March 2016|archive-url=https://web.archive.org/web/20160308055923/https://www.bankofireland.com/about-bank-of-ireland/press-room/press-releases/item/174/bank-of-ireland-to-feature-old-bushmills-distillery-on-new-northern-ireland-note-issue/|archive-date=8 March 2016|url-status=live}}</ref><ref>{{cite news|url=http://news.bbc.co.uk/1/hi/northern_ireland/7361944.stm|title=Bank raises glass to famous drink|date=23 April 2008|work=[[BBC News]]|access-date=30 October 2008|archive-url=https://web.archive.org/web/20140503002948/http://news.bbc.co.uk/2/hi/uk_news/northern_ireland/7361944.stm|archive-date=3 May 2014|url-status=live}}</ref>

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]]. Section 60 of the Currency Act 1927 removed the right of Irish banks to issue banknotes, however "[[Banknotes of the Republic of Ireland#1929–1953: Consolidated banknotes|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]].<ref>[http://acts.oireachtas.ie/print/zza32y1927.1.html Currency Act 1927] {{webarchive|url=https://web.archive.org/web/20160303181845/http://acts.oireachtas.ie/print/zza32y1927.1.html |date= 3 March 2016 }}</ref>

== 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.<ref>{{cite news |url=https://www.theregister.co.uk/2004/06/01/bank_porn/ |publisher=The Register |title=Bank of Ireland chief quits over PC porn |date=1 June 2004 |access-date=15 August 2006 | archive-url= https://web.archive.org/web/20060714193522/https://www.theregister.co.uk/2004/06/01/bank_porn/| archive-date= 14 July 2006 | url-status= live}}</ref> 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.<ref>{{cite news |url=http://www.bankofireland.ie/html/gws/statement.pdf |title=Personal statement by Michael D. Soden Group Chief Executive Bank of Ireland |date=29 May 2004 |publisher=Michael D. Soden}}</ref>

=== DIRT controversy ===
A [[Irish pound|IR£]]30.5&nbsp;million tax arrears liability was settled by Bank of Ireland in July 2000. The Bank told the Oireachtas [[Public Accounts Committee (Ireland)|Public Accounts Committee]] Inquiry that its liability was in the region of £1.5&nbsp;million. The settlement figure was 'dictated' by the [[Revenue Commissioners]] following an audit by the Commissioners.<ref>{{cite news|url=https://www.irishtimes.com/business/revenue-set-to-claw-back-bonanza-in-unpaid-taxes-1.289687|title=Revenue set to claw back bonanza in unpaid taxes|last=Creaton|first=Siobhan|date=6 July 2000|newspaper=[[The Irish Times]]|archive-url=https://web.archive.org/web/20190406180333/https://www.irishtimes.com/business/revenue-set-to-claw-back-bonanza-in-unpaid-taxes-1.289687|archive-date=6 April 2019|url-status=live}}</ref> 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, County Roscommon|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".<ref>{{cite news |url=http://www.irlgov.ie/committees-99/c-publicaccounts/sub-rep/page9.htm |title=Public Accounts Committee Parliamentary Inquiry into DIRT |date=27 September 1999 }}</ref>

=== Stolen laptops ===
In April 2008 it was announced that four laptops with data pertaining to 10,000 customers<ref>[http://www.rte.ie/news/2008/0421/data.html Data theft involving 10,000 bank records] RTÉ News, 21 April 2008</ref> were stolen between June and October 2007. This customer information included names, addresses, bank details, medical and pension details.<ref>[http://www.independent.ie/national-news/boi-kept-quiet-about-stolen-client-details-since-february-1355952.html BoI kept quiet about stolen client details since February] Irish Independent, 23 April 2008</ref>

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,<ref>[http://www.bankofireland.com/press_room/latest_releases/2008/General_Content_1000257.html  Bank of Ireland Life – Customer Update on Stolen Laptops] {{webarchive|url=https://web.archive.org/web/20101119144601/http://bankofireland.com/press_room/latest_releases/2008/General_Content_1000257.html |date=19 November 2010 }} Bank of Ireland Press Room, 22 April 2008</ref> later in the month the Bank confirmed that 31,500 customer records were affected as well as an increased number of branches.<ref>[http://www.bankofireland.com/press_room/latest_releases/2008/General_Content_1000259.html Bank of Ireland Life – Update on Stolen Laptops] {{webarchive|url=https://web.archive.org/web/20101119145036/http://bankofireland.com/press_room/latest_releases/2008/General_Content_1000259.html |date=19 November 2010 }} Bank of Ireland Press Room, 28 April 2008</ref>

=== Record bank robbery ===
{{main|Bank of Ireland robbery}}

On 27 February 2009, it was reported that a criminal gang from [[Dublin]] had stolen €7&nbsp;million from the Bank of Ireland's main branch in [[College Green, Dublin|College Green]]. The robbery was the biggest in the history of [[Republic of Ireland|Ireland]], during which the 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&nbsp;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."<ref>{{Cite news|url=https://www.thetimes.com/business-money/companies/article/kidnap-gang-steals-7-million-from-bank-of-ireland-0bxcn83wr2k|title=Kidnap gang steals €7 million from Bank of Ireland|last=Sharrock|first=David|date=27 February 2009|work=[[The Times]]|url-access=subscription }}</ref>

===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&nbsp;billion "was incomplete and misleading". It also gave wrong information to the Minister for Finance who in turn misled the Dáil on €66&nbsp;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".<ref>{{cite news|url=http://www.irishtimes.com/newspaper/finance/2011/0307/1224291484265.html|title=Bonus row shows Bank of Ireland is no better than rest|last=Collins|first=John|date=7 March 2011|newspaper=[[The Irish Times]]|archive-url=https://web.archive.org/web/20130420142458/http://www.irishtimes.com/business/sectors/financial-services/bonus-row-shows-bank-of-ireland-is-no-better-than-rest-1.565395|archive-date=20 April 2013|url-status=dead}}</ref> 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".<ref>{{cite news|url=https://www.independent.ie/business/irish/the-great-escape-26724101.html|title=The Great Escape|date=16 April 2011|work=[[Irish Independent]]|archive-url=https://web.archive.org/web/20160810141857/https://www.independent.ie/business/irish/the-great-escape-26724101.html|archive-date=10 August 2016|url-status=live}}</ref> The Bank paid €2&nbsp;million by way of compensation to the Exchequer for providing "misleading" information.<ref>{{cite web|url=https://www.breakingnews.ie/ireland/investigation-exposes-bank-of-ireland-bonus-payments-495877.html|title=Investigation exposes Bank of Ireland bonus payments|date=3 March 2011|website=BreakingNews.ie|access-date=22 December 2012}}</ref><ref>{{cite news| url=http://www.rte.ie/news/2011/0303/bankofireland.html | work=RTÉ News | title=BoI paid €66m in bonuses from 2008–2010 | date=4 March 2011}}</ref><ref>{{cite web|url=http://www.bankofireland.com/about-boi-group/press-room/press-releases/item/246/bank-of-ireland-statement-on-bonuses/#march|title=Bank of Ireland Statement on Bonuses|date=4 March 2011|publisher=Bank of Ireland|archive-url=https://web.archive.org/web/20110807152451/http://www.bankofireland.com/about-boi-group/press-room/press-releases/item/246/bank-of-ireland-statement-on-bonuses/|archive-date=7 August 2011|url-status=dead|access-date=22 December 2012}}</ref>

===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 Technologies|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.<ref>{{cite news|url=http://articles.economictimes.indiatimes.com/2010-06-02/news/28471497_1_outsourcing-deal-outsourcing-contract-hcl-technologies|title=Bank of Ireland shortlists IBM, HCL for $600-mn outsourcing deal|last=Mishra|first=Pankaj|date=2 June 2010|work=[[The Economic Times]]|archive-url=https://web.archive.org/web/20120509210932/http://articles.economictimes.indiatimes.com/2010-06-02/news/28471497_1_outsourcing-deal-outsourcing-contract-hcl-technologies|archive-date=9 May 2012|url-status=dead}}</ref> 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.<ref>{{cite news|url=http://www.sbpost.ie/news/ireland/bank-of-ireland-hires-indian-outsourcing-firm-55072.html|title=Bank of Ireland hires Indian outsourcing firm|last=Curran|first=Richard|date=13 March 2011|work=[[The Sunday Business Post]]|access-date=22 December 2012|archive-url=https://web.archive.org/web/20110817081806/http://www.sbpost.ie/news/ireland/bank-of-ireland-hires-indian-outsourcing-firm-55072.html|archive-date=17 August 2011|url-status=dead}}</ref> 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."<ref>{{cite news|url=http://www.sbpost.ie/post/pages/wholestory.aspx-qqqt=PROFILE-qqqs=profile-qqqsectionid=3-qqqc=7.0.0.0-qqqn=1-qqqx=1.asp|title=Russian roulette|last=Lynch|first=Andrew|date=9 October 2011|work=[[The Sunday Business Post]]|access-date=22 December 2012|archive-url=https://web.archive.org/web/20111012165440/http://www.sbpost.ie/post/pages/wholestory.aspx-qqqt=PROFILE-qqqs=profile-qqqsectionid=3-qqqc=7.0.0.0-qqqn=1-qqqx=1.asp|archive-date=12 October 2011|url-status=dead}}</ref>

===Closing accounts associated with Palestine===

In 2016, Bank of Ireland closed the accounts of the Irish Palestine Solidarity campaign, citing that the bank considered [[Palestine]] a high-risk country. [[Sinn Féin]] [[Teachta Dála|TD]] [[Mary Lou McDonald]] called this outrageous and an insult to the Palestinian people.<ref>{{cite web|url=https://www.rte.ie/news/2016/1002/820919-ireland-palestine-banking/|title=Bank closes accounts of Palestine advocacy group|date=2 October 2016|website=[[RTÉ.ie]]|archive-url=https://web.archive.org/web/20190323083118/https://www.rte.ie/news/2016/1002/820919-ireland-palestine-banking/|archive-date=23 March 2019|url-status=live}}</ref>

==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]].<ref>{{cite news|url=https://www.independent.ie/irish-news/anger-smoulders-but-the-fury-has-gone-26548262.html|title=Anger smoulders but the fury has gone|last=O'Farrell|first=Stephen|date=4 July 2009|work=[[Irish Independent]]|archive-url=https://web.archive.org/web/20160428170256/https://www.independent.ie/irish-news/anger-smoulders-but-the-fury-has-gone-26548262.html|archive-date=28 April 2016|url-status=live}}</ref>

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.<ref>{{cite web|url=http://www.herald.ie/national-news/top-official-says-shareholders-to-blame-for-the-banking-crisis-1846180.html|title=Top official says shareholders to blame for the banking crisis|date=30 July 2009|website=[[The Herald (Ireland)|The Herald]]|archive-url=https://web.archive.org/web/20120603125736/http://www.herald.ie/news/top-official-says-shareholders-to-blame-for-the-banking-crisis-1846180.html|archive-date=3 June 2012|url-status=dead|access-date=22 December 2012}}</ref>

==Arms==
{{Infobox COA wide
|image = Bank of Ireland Escutcheon.png
|notes = Granted 30 April 1926 by [[Sir Nevile Rodwell Wilkinson]], [[Ulster King of Arms]].<ref>{{cite web|url=https://catalogue.nli.ie/Record/vtls000810941/StaffViewMARC#tabnav |publisher=National Library of Ireland |access-date=24 August 2022 |title=Grants and Confirmations of Arms Volume M |page=177}}</ref>
|escutcheon = Azure two cornucopiae in saltire Or in chief a castle Argent.
|crest = On a wreath of the colours a figure of Hibernia seated vested Argent broidered Azure resting on a harp and anchor Proper.
|mantling = Gyles doubled Argent.
|motto = Prospere Securus}}

== References ==
{{Reflist|colwidth=30em}}

==Sources==
*{{cite book|first=Frank|last=McDonald|title=The destruction of Dublin|publisher=Gill and Macmillan |year=1985|isbn=978-0717113866}}

== External links ==
{{Portal|Banks}}
* [https://www.bankofireland.com Official Republic of Ireland Site]
* [https://www.bankofirelanduk.com Official UK Site]
* [http://www.boipa.com BOI Payment Acceptance Official Site]
* [http://www.bis-ans-ende-der-welt.net/Nordirland-BoI-B-En.htm Historical banknotes of the Bank of Ireland] {{in lang|en|de}}
* {{PM20|FID=co/002398|TEXT=Documents and clippings about|NAME=}}
{{Banks of Ireland}}
{{UK banks}}
{{Banknotes of the pound sterling}}
{{ISEQ 20 companies}}
{{Members of Euro Banking Association}}
{{Authority control|state=expanded}}

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