Double boost for Bank of Ireland

SHARES in Bank of Ireland inched higher yesterday on the back of a double boost for the company.

It received a rating upgrade from one of the country’s main stockbroking firms and it improved its balance sheet by buying back €1.26 billion worth of Tier 1 securities at a 50% discount.

The buyback will improve Bank of Ireland’s capital reserves and boost its balance sheet. The bank, last month, reported a pre-tax loss of €7 million for its latest financial year.