Bank shrinks derivatives business here by €123bn

Bank of America shrank its derivatives business in Ireland by $169bn (€123bn) over the past two years as it moved contracts to London to simplify its accounting practices.

Merrill Lynch International Bank’s derivative contracts in Dublin fell to $368bn on December 31 from $537.3bn at the end of 2011, according to filings lodged with Ireland’s Companies Office.

The move helped cut the Irish-based bank’s total assets by $187bn to $406bn over the two years.