Bank at risk from predators

PERHAPS the most worrying aspect of Bank of Ireland’s bid for Abbey National is that the nation’s second largest financial institution is now vulnerable to takeover.

Despite what it calls “a compelling and strategic commercial rationale” for its marriage to the ailing British group, the bank risks being gobbled up itself by predators.

In that eventuality, hard questions will face the bank’s board and chief executive who have embarked on a shopping spree which could yet backfire.