£35m bill for bank’s British plan

BANK OF IRELAND expects the outcome of a review of its British financial services division to cost it £35 million to implement.

In a trading statement yesterday the bank said that it has been reviewing the position of its financial services arm but believes it is an important source of future profits and will remain part of the group.

BoI says arising from the review of operations a wide range of income enhancement and cost reduction initiatives have been identified.