Bank of Ireland tells Dáil Committee it will not require further state aid

REPRESENTATIVES of Bank of Ireland have told a Dáil Committee the bank will not require further state aid, despite having to take a significant discount on its potential NAMA transfers and not being able to raise funds to pay off existing Government investment before the end of this year.

The Joint Oireachtas Committee on Finance and Public Service heard from a combined team of the bank’s chief executive Richie Boucher, its chairman Pat Molloy and head of retail banking Des Crowley, who said that the anticipated liquidity effect from NAMA should improve the funding position of the Irish banks, and market confidence that Bank of Ireland can come off the Government guarantee over time existed.

“Despite the difficult liquidity conditions of earlier this year, Bank of Ireland hasn’t restricted the availability of funding to its Irish businesses and has provided very competitively priced products, particularly for owner-occupier mortgages and SME customers,” said Mr Molloy.