Bank of Ireland meets troika divestment target

Bank of Ireland became the first Irish bank to meet its divestment target set under the country’s bailout from the EU and IMF yesterday by completing sales of €10bn worth of loans 18 months ahead of schedule.

Bank of Ireland, the only Irish bank to escape majority state ownership after the bursting of a property bubble brought the sector to the brink of collapse, said sales throughout the second quarter had brought total divestments to date to €10.3bn.

Sales were €300m above target and achieved at a weighted average discount of 7.9%, which analysts said was well within expectations.