BoI: Probe ‘no impact’ on client funds

Bank of Ireland said no client funds have been impacted by an internal inquiry in its private banking division.

The Sunday Independent reported yesterday that an investigation was under way into “possible irregularities” at Bank of Ireland Private Bank.

Moreover, the bank’s internal audit team was looking into whether clients’ funds had been compromised as part of these irregularities, said the paper.

Yesterday evening, Bank of Ireland issued a statement in response to the report: “An article in today’s Sunday Independent in relation to Bank of Ireland Private Banking included speculation that clients may be impacted by an internal issue. While it is bank policy not to comment on internal matters, the bank confirms that no clients are impacted.

“The bank’s commitment to providing a quality service remains a key priority and all our customers can be assured that there is no cause for concern. The bank will not be making any further comment on the matter.”

It is believed the alleged irregularities are related to the actions of one individual. This individual was suspended last month, pending the outcome of the investigation.

According to the Sunday Independent, Bank of Ireland is conducting the probe internally and neither the Garda fraud squad nor any other enforcement agency had been contacted.

Bank of Ireland Private Banking is the wealth management division of the bank. Many of the bank’s funds were leveraged property investments, which have lost value over the past number of years.

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