Bank must cut links with porn group, says Labour

BANK of Ireland should reconsider, on ethical grounds, its multi-million euro support for a British pornography distribution company, Labour finance spokeswoman Joan Burton said last night.

Bank of Ireland is the main financial backer to Remnant Media, which plans a €37 million float on the London Stock Exchange (LSE) to raise funds to develop its portfolio of 45 highly-profitable pornographic magazines in new markets around the world.

If successful, Remnant Media will become the first purveyor of pornography to successfully float on the LSE.

Ms Burton said: "The directors of Bank of Ireland should reconsider their involvement with this company on ethical grounds.

"They should ask themselves what is the long-term benefit of support for a company like this at a time there is widespread concern among Irish people at the growing tide of pornography sweeping the world.

"Women, children and young boys are being exploited and in the long run society loses out."

Ms Burton said while she does not seek to moralise in this case, she is very upset with the involvement of Bank of Ireland with Remnant Media.

Reacting to Ms Burton's call on the directors of Bank of Ireland, a bank spokesperson said last night: "I am sure they will look into it."

Commenting on its involvement with Remnant Media earlier in the week the spokesperson had previously said: "We don't moralise."

The bank also said it has received no complaints from customers or anyone else about its involvement with Remnant Media.

Remnant Media spent €29.6m when it purchased Fantasy Publications, from Daily Express owner Richard Desmond.

Fantasy's stable of titles includes: Asian Babes; Readers Wives; Horny Housewives and Mega Boobs. It is understood Bank of Ireland provided the bulk of the finance to Remnant for this purchase.

Mr Desmond has disposed of his porn publications as he battles to take over the group that owns the Daily and Sunday Telegraph from its owner, Hollinger International.

Remnant Media is led by Simon Robinson, a former executive of Trinity Mirror, who says he plans to use its library of 100,000 porn images in new markets like Japan. Last year Private Media Group, a hardcore pornography company, failed to float on the LSE.