The bank has been closely associated with IT outsourcing companies since 2004 or earlier. On November 1, 2010, IBM was awarded the $450 million outsourcing contract to manage BoI Group`s information technology (IT) infrastructure services (e.g., mainframe, servers, desktops, and print services) in a competitive bid against HP (the established outsourcing provider) and HCL. This follows the natural expiration of the current agreement with HP, signed in 2004. Bank of Ireland Group plc (Irish: Banc na hÉireann) is a commercial bank in Ireland and one of the four traditional Irish banks. Historically the leading banking organisation in Ireland, the bank occupies a unique position in Irish banking history. At the heart of today`s group is the former Bank of Ireland, the former institution founded in 1783 by the Royal Charter. [1] The Bank is headquartered in Dublin and operates throughout the Republic of Ireland. It also operates in Northern Ireland, where it prints its own sterling banknotes (see section on banknotes below). In the UK, the bank expanded mainly through the acquisition of Bristol and West Building Society in 1996. The Bank of Ireland also provides financial services to the UK Post across the UK and to AA Savings. Business in the rest of the world is mainly conducted by Bank of Ireland Corporate Banking, which provides services in France, Germany, Spain and the United States.
Although the Bank of Ireland is not a central bank, it has the right to issue sterling notes in the UK. Although the bank is headquartered in Dublin, it also operates in Northern Ireland, where it retains the legal right (prior to the partition of Ireland) to print its own banknotes. These are sterling banknotes and the same value as bank of England banknotes and should not be confused with old Irish pound banknotes. The bank`s headquarters was the impressive Parliament Building in College Green, Dublin until the 1970s. This building was originally designed by Sir Edward Lovett Pearce in 1729 to house the Irish Parliament, and it was the first purpose-built bicameral Parliament building in the world. [29] Following a competitive bidding process with a number of parties, IBM was selected for exclusive contract negotiations in July 2011. In the meantime, an extensive due diligence phase has been conducted and the corresponding regulatory approval has been granted. IBM will manage the group`s entire IT infrastructure, including desktop systems, servers, mainframes, local area networks and the service desk. [54] Since then, BOI has awarded HCL a €30 million business process outsourcing contract and selected it as a strategic partner for local resources in Ireland. In addition, HCL opened a software factory for the Bank of Ireland in India and began outsourcing production support for retail banking and payment applications to BOI. [55] This exclusive relationship with HCL was seen as controversial in the context of Irish taxpayers` significant investment in the Bank of Ireland – and HCL`s lack of significant investment in Ireland. A banking analyst said in July 2011 that BOI`s computer system was “very outdated.” [56] In April 2008, it was announced that four laptops containing data from 10,000 customers[44] had been stolen between June and October 2007.
This customer information included names, addresses, bank details, medical and pension details. [45] Gavin was created from 3. Appointed Interim Chief Executive Officer of the Group in September 2022. Previously, he was Chief Executive Officer of Retail Ireland. In this role, he oversaw the provision of banking and related financial services to retail, business and wealth management clients, including deposits, mortgages, consumer and business loans, credit cards, chequing accounts, money transfer services, trade finance, wealth finance, general insurance and the New Ireland Assurance Company. In 2008, Moody`s Investors Service changed its Bank of Ireland rating from stable to negative. Moody`s expressed concern about weakening asset quality and the impact of a more difficult economic environment on the Bank of Ireland`s profitability. This was followed by a drop in prices. [19] In 2009, the Irish government announced in February a €7 billion bailout for the Bank and Allied Irish Banks plc.
[20] The largest bank robbery in the state`s history took place at the Bank of Ireland in College Green. Consultant Oliver Wyman confirmed Bank of Ireland`s three-year bad debts at €6 billion in March 2011, a bad debt that was surpassed by nearly €1 billion in a matter of months. [21] [22] The central bank told the Oireachtas Works Council that the shareholders who had lost their money because of the bank`s collapse were responsible for their fate and got what was going to happen because they did not keep the bank`s bosses under control, but admitted that the central bank had not provided enough warning against reckless lending to the developers. [59] Ireland`s leading provider of corporate banking and treasury services for customers, which includes corporate banking, wholesale capital markets, specialised acquisition financing and home loans with significant transactions in Ireland, the UK and internationally with offices in the US, Germany, France and Spain. Holds market-leading positions in selected sectors including commercial banking, commercial real estate, foreign direct investment and treasury solutions. A tax debt of IRL 30.5 million was settled by the Bank of Ireland in July 2000. The bank told the Oireachtas Public Accounts Committee`s Committee of Inquiry that its responsibility was in the order of £1.5 million. The comparative figure was “dictated” by the Revenue Commissioners after an audit by the Commissioners. [42] The Bank of Ireland has so far discovered and disclosed some of the “most notorious cases” of non-compliance and false non-resident accounts. Thurles, Boyle, Roscrea (1990), Milltown Malbay (1991), Dundalk (1989–90), Killester (1992), Tullamore (1993), Mullingar (1996), Castlecomer, Clonmel, Ballybricken, Ballinasloe, Skibbereen (1988), Dungarvan and, in the Oireachtas Sub-Committee on Public Accounts, Ballaghaderreen (1998) and Ballygar (1999). The Public Accounts sub-inquiry concluded that “senior bank of Ireland officials have tried to set an ethical tone for the bank and have unsuccessfully sought the support of the Revenue Commissioners to promote an industry-wide code of conduct.
[43] The Bank had planned to commission a building designed by Sir John Soane on the site bordered by Westmoreland Street, Fleet Street, College Street and D`Olier Street (now occupied by the Westin Hotel). However, the project was abandoned under the Act of Union in 1800, when the newly defunct Parliament building was purchased by the Bank of Ireland in 1803. [30] The former Parliament building is now maintained as a branch of labour. Even today, visitors can visit the impressive chamber of the Irish House of Lords in the former seat. The Oireachtas, the modern parliament of the Republic of Ireland, is now located at Leinster House in Dublin. In 2011, the Irish government submitted proposals to purchase the building as a place for the state as a cultural site. [31] The Bank of Ireland is and has never been the Central Bank of Ireland. However, it was not only a commercial bank – a depositor and a credit institution – but it also performed many central banking functions, similar to the previously founded Bank of Scotland and Bank of England.
The Bank of Ireland operated the Exchequer account and acted as a kind of banker of last resort during the nineteenth century. Even the titles of chairman of the board of directors (the governor) and the titles of the board of directors themselves (of the board of directors) indicate the status of a central bank. From the creation of the Irish Free State in 1922 until 31 December 1971, the Bank of Ireland was the banker of the Irish government. [4] Bank of Ireland Group is one of the largest financial services groups in Ireland, providing a wide range of banking and other financial services. The group is divided into four trading segments and a support department to effectively serve our clients. On the 27th. In February 2009, it was reported that a criminal gang in Dublin had stolen €7 million from the Bank of Ireland`s main branch in College Green. The robbery was the largest in the history of the Republic of Ireland, in which an employee`s girlfriend, his mother and his mother`s five-year-old granddaughter were held hostage at gunpoint. Gardaí arrested six men the next day and got €1.8 million. The Bank of Ireland has never issued its own notes in the Republic of Ireland.
