Banks plan to sell art to help fund recapitalisation

BANK of Ireland is tostart selling its art collection after Standard & Poor’s estimated that the Government-backed recapitalising of the banking system may cost as much as €50 billion.

The collection, begun in the 1970s primarily to support emerging Irish artists, has about 2,000 works including Paul Henry, Louis le Brocquy and Robert Ballagh.

It is expected to raise more than €4 million in funds for charity over the next five years, Audrey Nolan, the bank’s head of corporate social responsibility, said.