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19/05/2009
Burrows Stands Down As BoI Announces Losses
Bank of Ireland Chairman Richard Burrows will leave his post following the bank's annual general meeting in July, it has been announced.
The announcement came as the bank admitted a pre-tax loss of €7 million compared with a pre-tax profit of €1.9 billion the previous year. Underlying pre-tax profits dropped by 80% to €332 million.
Speaking to RTÉ radio, Riche Boucher, the bank's Chief Executive, warned that the BoI faces another difficult year ahead and admitted that he had made mistakes in lending.
However, he said that the bank was very enthusiastic about working with the National Assets Management Agency (Nama).
(KMcA/BMcC)
The announcement came as the bank admitted a pre-tax loss of €7 million compared with a pre-tax profit of €1.9 billion the previous year. Underlying pre-tax profits dropped by 80% to €332 million.
Speaking to RTÉ radio, Riche Boucher, the bank's Chief Executive, warned that the BoI faces another difficult year ahead and admitted that he had made mistakes in lending.
However, he said that the bank was very enthusiastic about working with the National Assets Management Agency (Nama).
(KMcA/BMcC)
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Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.
