Move on Irish corporate sector will hit 'big two' hard

NEWS that Bank of Scotland (Ireland) is to go after the corporate cheque book business in the Irish market could cost the two big banks a combined €60m in lost profits.

For a number of reasons the news of a fresh challenge to the hegemony of the two big banks was particularly tough on Bank of Ireland.

Davy Stockbrokers is owned by the bank. We presume they did the bank the courtesy of letting them know the bad news before it hit the markets on Thursday with their analysis.