BoI private equity fund remains ‘under water’

Bank of Ireland’s Newgrange equity fund, which was put together in mid-Nov 2006, is currently -5.5% under water, although there has been a significant recovery in value since the low in stock markets in early 2009, said the bank.

It is believed that Bank of Ireland Private Bank loaned a considerable amount of the capital that was invested in the Newgrange fund.

“All dealings between the bank and its clients are confidential and we would never comment as to how our clients fund their investments,” said a Bank of Ireland spokesperson.