‘Vulnerable’ bank to deliver €16bn

BANK of Ireland, thought to be the most vulnerable of the two big Irish banks, will transfer €16 billion in bad property and other related loans to NAMA under the plans outlined yesterday by Finance Minister Brian Lenihan.

The bank’s downward spiral has been pretty dramatic with profits of €1.9bn in the year to end March 2008 fading to a loss of €7m in its last financial year.

The bank’s former chief executive Brian Goggin made national headlines when it emerged he walked away with a total wage of close to €4m in the financial year 2007 when the property market was at its peak.