The Bank of Ireland (Irish: Banc na hÉireann) ISEQ: BKIR LSE BKIR NYSE: IRE is a commercial bank operation in Ireland, which is one of the 'Big Four' in both parts of the island.
Historically the premier banking organisation in Ireland, today Bank of Ireland is number two to Allied Irish Banks. The Bank occupies a unique position in Irish banking history. At the core of the modern-day group is the old Bank of Ireland, the ancient institution established by Royal Charter in 1783.
The Bank of Ireland should not be confused with the Central Bank of Ireland, as it is a commercial bank and not the Irish central bank (however, nor is the Central Bank of Ireland for most monetary policies, with the decision of most resting with the ECB .
Wednesday, August 19, 2009
Banking
A bank is a financial institution licensed by a government. Its primary activities include borrowing and lending money. Many other financial activities were allowed over time. For example banks are important players in financial markets and offer financial services such as investment funds. In some countries such as Germany, banks have historically owned major stakes in industrial corporations while in other countries such as the United States banks are prohibited from owning non-financial companies. In is prevalent, as most banks offer insurance services (and now real estate services) to their clients.
The level of government regulationof the banking industry varies widely, with countries such as Iceland, the United Kingdomand the United States having relatively light regulation of the banking sector, and countries such as Chinahaving relatively heavier regulation (including stricter regulations regarding the level of reserves
The level of government regulationof the banking industry varies widely, with countries such as Iceland, the United Kingdomand the United States having relatively light regulation of the banking sector, and countries such as Chinahaving relatively heavier regulation (including stricter regulations regarding the level of reserves
Saturday, August 15, 2009
Overview
BoISS is the fund administrator and custody arm of Bank of Ireland Group formed in 1991 and now servicing assets in excess of $200bn (Aug '08) for a range of domestic and international clients. BoISS is dedicated to performing high quality administration and custodial duties for specialised products including ETFs, multi-manager, property, hedge and fund of (hedge) funds as well as mutual, money market and structured products for a range of offshore and onshore structures. We also provide a comprehensive range of middle office administration services including a FIX solution that enables fund managers to instruct trades for capture and matching across our FIX pipeline.
Burdale Capital Finance
Burdale, a leading provider of comprehensive asset based lending (CABL) in the UK, offers asset based lending in North America. While CABL may be considered a relatively new form of finance in some markets, Burdale's extensive background and success in this area places it at the forefront of CABL lenders.
Asset based lending matches exactly a company's borrowing needs to its assets. Through working with Burdale a company with appropriate assets may be able to raise a higher amount of debt than it would be able to obtain from the more conventional lenders, whose focus tends to be on cash flow and profitability.
As such Burdale's customers might have one or more of the following features:
Highly asset intensive
Experiencing rapid growth
Going through a major restructuring
Suffering a temporary down-turn in profitability.
Burdale can provide finance for the growth, development and turnaround plans of mid to large corporates throughout North America and Europe. Burdale products are delivered on a cross border basis (US, Europe) in a one stop, streamlined platform.
Asset based lending matches exactly a company's borrowing needs to its assets. Through working with Burdale a company with appropriate assets may be able to raise a higher amount of debt than it would be able to obtain from the more conventional lenders, whose focus tends to be on cash flow and profitability.
As such Burdale's customers might have one or more of the following features:
Highly asset intensive
Experiencing rapid growth
Going through a major restructuring
Suffering a temporary down-turn in profitability.
Burdale can provide finance for the growth, development and turnaround plans of mid to large corporates throughout North America and Europe. Burdale products are delivered on a cross border basis (US, Europe) in a one stop, streamlined platform.
Euro area data spurs on the Euro
Euro area data spurs on the Euro
Equities performed well yesterday making gains on foot of surprisingly strong economic data from the Euro area and in spite of poor US retail sales figures. European equities gained strongly in the morning before losing out a little in the afternoon due to the retail sales figures. US indices did the opposite, overcoming early morning losses to end the day in the green.
In Europe, the German and French economies, unexpectedly, showed expansions in Q2 ending their recessions. Both countries indicated Q-on-Q growth of 0.3%, when small contractions were expected. As a result, Euro Area GDP for Q2 also beat expectations showing just a small contraction of just 0.1% Q-on-Q, a huge improvement on the 2.5% contraction recorded in Q1. The Euro area economy may be stabilising ahead of schedule. At the last ECB press conference, Jean Claude Trichet said that the ECB did not expect a return to growth until 2010 but said he had to wait for the ECB staff forecasts in September to give an updated outlook. We can now expect these forecasts to be revised upwards from the last set but the recovery will still be slow and protracted. The Euro gained on the dollar after this data getting up to over $1.43 several times. EURUSD has been in $1.40 to $1.44 range of over the past four weeks with the Euro breaking out to the topside briefly last week. The continued rally in equities is strengthening the Euro but there is now strong support at either end of the range. The annual rate of Euro area HICP inflation in July was slightly lower then initially estimated. The annual rate of inflation was -0.7% in July while the initial estimate was -0.6%.
On the flipside, US retail sales for July under whelmed. The market had been expecting a month-on-month increase of about 0.8%, partly due to the impact of the “cash for clunkers” scheme which was thought to have boosted auto sales. In fact, auto sales did increase in the month (+2.4%) but virtually all other sectors failed to make gains. Retail sales fell by 0.1% in July; excluding auto sales the fall was greater at 0.6%. The FOMC said that they saw signs of household spending stabilising on Wednesday which makes this data all the more disappointing. The US consumer remains entrenched and it’s hard to see any vast improvement until the economy returns to growth. Even then, consumer spending will be dampened by higher unemployment and an increased savings ratio. Consumers will remain very cautious – despite falling prices and low interest rates - until we see a return to jobs growth which is likely not to be until 2011.
Equities performed well yesterday making gains on foot of surprisingly strong economic data from the Euro area and in spite of poor US retail sales figures. European equities gained strongly in the morning before losing out a little in the afternoon due to the retail sales figures. US indices did the opposite, overcoming early morning losses to end the day in the green.
In Europe, the German and French economies, unexpectedly, showed expansions in Q2 ending their recessions. Both countries indicated Q-on-Q growth of 0.3%, when small contractions were expected. As a result, Euro Area GDP for Q2 also beat expectations showing just a small contraction of just 0.1% Q-on-Q, a huge improvement on the 2.5% contraction recorded in Q1. The Euro area economy may be stabilising ahead of schedule. At the last ECB press conference, Jean Claude Trichet said that the ECB did not expect a return to growth until 2010 but said he had to wait for the ECB staff forecasts in September to give an updated outlook. We can now expect these forecasts to be revised upwards from the last set but the recovery will still be slow and protracted. The Euro gained on the dollar after this data getting up to over $1.43 several times. EURUSD has been in $1.40 to $1.44 range of over the past four weeks with the Euro breaking out to the topside briefly last week. The continued rally in equities is strengthening the Euro but there is now strong support at either end of the range. The annual rate of Euro area HICP inflation in July was slightly lower then initially estimated. The annual rate of inflation was -0.7% in July while the initial estimate was -0.6%.
On the flipside, US retail sales for July under whelmed. The market had been expecting a month-on-month increase of about 0.8%, partly due to the impact of the “cash for clunkers” scheme which was thought to have boosted auto sales. In fact, auto sales did increase in the month (+2.4%) but virtually all other sectors failed to make gains. Retail sales fell by 0.1% in July; excluding auto sales the fall was greater at 0.6%. The FOMC said that they saw signs of household spending stabilising on Wednesday which makes this data all the more disappointing. The US consumer remains entrenched and it’s hard to see any vast improvement until the economy returns to growth. Even then, consumer spending will be dampened by higher unemployment and an increased savings ratio. Consumers will remain very cautious – despite falling prices and low interest rates - until we see a return to jobs growth which is likely not to be until 2011.
Foreign Currency
Foreign Currency
The £ is broadly unchanged against the euro and the dollar, despite an unexpected fall in US retail sales. The underlying figure (ex autos) fell by 0.6% in July, following an upwardly revised 0.5% increase in June. The total reduction in July retail sales (including autos) was 0.1%. The data indicates that the US has yet not entered recovery territory, although the US economic downturn is probably close to a trough. The US Federal Reserve Board statement on Wednesday made reference to US economic activity leveling out. This is significant from a UK perspective since the US is the UK’s largest export market by nation and that any recovery in the USA would be translated into a higher rate of growth in Asia and western Europe. Today there are no key UK economic releases. Next week sees publication of a large volume of UK data, including retail price statistics.
Interest Rates
Period rates are fractionally lower in response to US sales data. There is likely to be a degree of volatility in period rates next week, given the significant volume of UK releases. The most recent survey data is consistent with UK economic growth reaching a trough in the current quarter followed by a moderate upturn in quarter 4. Thereafter we expect the UK to experience a very gradual recovery in 2010 followed by a more rapid rate of growth in 2011, as bank credit becomes far more readily available. Our prediction is not dissimilar to the underlying Bank of England Quarterly Inflation Report forecast, but we expect the path of economic recovery to be far more uneven as opposed to the Bank’s of England’s central projection of a V shaped recovery. We concur with the Bank of England view that risk to forecast is high, given the complex international forces that will drive the G7 economies over the next 2 years. Very short rates continue their downward trend. Yesterday, 3 month sterling LIBOR fixed at 0.78375%.
Equities
The £ is broadly unchanged against the euro and the dollar, despite an unexpected fall in US retail sales. The underlying figure (ex autos) fell by 0.6% in July, following an upwardly revised 0.5% increase in June. The total reduction in July retail sales (including autos) was 0.1%. The data indicates that the US has yet not entered recovery territory, although the US economic downturn is probably close to a trough. The US Federal Reserve Board statement on Wednesday made reference to US economic activity leveling out. This is significant from a UK perspective since the US is the UK’s largest export market by nation and that any recovery in the USA would be translated into a higher rate of growth in Asia and western Europe. Today there are no key UK economic releases. Next week sees publication of a large volume of UK data, including retail price statistics.
Interest Rates
Period rates are fractionally lower in response to US sales data. There is likely to be a degree of volatility in period rates next week, given the significant volume of UK releases. The most recent survey data is consistent with UK economic growth reaching a trough in the current quarter followed by a moderate upturn in quarter 4. Thereafter we expect the UK to experience a very gradual recovery in 2010 followed by a more rapid rate of growth in 2011, as bank credit becomes far more readily available. Our prediction is not dissimilar to the underlying Bank of England Quarterly Inflation Report forecast, but we expect the path of economic recovery to be far more uneven as opposed to the Bank’s of England’s central projection of a V shaped recovery. We concur with the Bank of England view that risk to forecast is high, given the complex international forces that will drive the G7 economies over the next 2 years. Very short rates continue their downward trend. Yesterday, 3 month sterling LIBOR fixed at 0.78375%.
Equities
US Retail Sales disappoint
US Retail Sales disappoint
Equities performed well yesterday making gains on foot of surprisingly strong economic data from the Euro area and in spite of poor US retail sales figures. European equities gained strongly in the morning before losing out a little in the afternoon due to the retail sales figures. US indices did the opposite, overcoming early morning losses to end the day in the green.
In Europe, the German and French economies, unexpectedly, showed expansions in Q2 ending their recessions. Both countries indicated Q-on-Q growth of 0.3%, when small contractions were expected. As a result, Euro Area GDP for Q2 also beat expectations showing just a small contraction of just 0.1% Q-on-Q, a huge improvement on the 2.5% contraction recorded in Q1. The Euro area economy may be stabilising ahead of schedule. At the last ECB press conference, Jean Claude Trichet said that the ECB did not expect a return to growth until 2010 but said he had to wait for the ECB staff forecasts in September to give an updated outlook. We can now expect these forecasts to be revised upwards from the last set but the recovery will still be slow and protracted. The Euro gained on the dollar after this data getting up to over $1.43 several times. EURUSD has been in $1.40 to $1.44 range of over the past four weeks with the Euro breaking out to the topside briefly last week. The continued rally in equities is strengthening the Euro but there is now strong support at either end of the range.
On the flipside, US retail sales for July under whelmed. The market had been expecting a month-on-month increase of about 0.8%, partly due to the impact of the “cash for clunkers”scheme which was thought to have boosted auto sales. In fact, auto sales did increase in the month (+2.4%) but virtually all other sectors failed to make gains. Retail sales fell by 0.1% in July; excluding auto sales the fall was greater at 0.6%. The FOMC said that they saw signs of household spending stabilising on Wednesday which makes this data all the more disappointing. The US consumer remains entrenched and it’s hard to see any vast improvement until the economy returns to growth. Even then, consumer spending will be dampened by higher unemployment and an increased savings ratio. Consumers will remain very cautious – despite falling prices and low interest rates - until we see a return to jobs growth which is likely not to be until 2011.
Equities performed well yesterday making gains on foot of surprisingly strong economic data from the Euro area and in spite of poor US retail sales figures. European equities gained strongly in the morning before losing out a little in the afternoon due to the retail sales figures. US indices did the opposite, overcoming early morning losses to end the day in the green.
In Europe, the German and French economies, unexpectedly, showed expansions in Q2 ending their recessions. Both countries indicated Q-on-Q growth of 0.3%, when small contractions were expected. As a result, Euro Area GDP for Q2 also beat expectations showing just a small contraction of just 0.1% Q-on-Q, a huge improvement on the 2.5% contraction recorded in Q1. The Euro area economy may be stabilising ahead of schedule. At the last ECB press conference, Jean Claude Trichet said that the ECB did not expect a return to growth until 2010 but said he had to wait for the ECB staff forecasts in September to give an updated outlook. We can now expect these forecasts to be revised upwards from the last set but the recovery will still be slow and protracted. The Euro gained on the dollar after this data getting up to over $1.43 several times. EURUSD has been in $1.40 to $1.44 range of over the past four weeks with the Euro breaking out to the topside briefly last week. The continued rally in equities is strengthening the Euro but there is now strong support at either end of the range.
On the flipside, US retail sales for July under whelmed. The market had been expecting a month-on-month increase of about 0.8%, partly due to the impact of the “cash for clunkers”scheme which was thought to have boosted auto sales. In fact, auto sales did increase in the month (+2.4%) but virtually all other sectors failed to make gains. Retail sales fell by 0.1% in July; excluding auto sales the fall was greater at 0.6%. The FOMC said that they saw signs of household spending stabilising on Wednesday which makes this data all the more disappointing. The US consumer remains entrenched and it’s hard to see any vast improvement until the economy returns to growth. Even then, consumer spending will be dampened by higher unemployment and an increased savings ratio. Consumers will remain very cautious – despite falling prices and low interest rates - until we see a return to jobs growth which is likely not to be until 2011.
Group Nomination and Governance Committee
The Committee is responsible for leading the process for Court and key subsidiary Board appointments and renewals. The Committee regularly reviews succession plans for the Court and key subsidiary Boards in the context of the Group's strategy and the skills, knowledge and experience of current Directors and makes appropriate recommendations to the Court. In addition the Committee monitors developments in corporate governance, assesses the implications for the Group and advises the Court accordingly. It is also charged with overseeing the Group's Corporate Responsibility Programme.
Group Remuneration Committee
Group Remuneration Committee
The Group Remuneration Committee holds delegated responsibility for setting policy on the remuneration of the Governor and senior management (including executive Directors) and approves specific remuneration packages for the Governor, each of the executive Directors, the Group Secretary and those senior executives who report directly to the Group Chief Executive ("Group Executive Committee").
The remuneration of non-executive Directors is determined by the Court. Neither the Governor nor any Director participates in any decision relating to their own remuneration.
The Group Remuneration Committee holds delegated responsibility for setting policy on the remuneration of the Governor and senior management (including executive Directors) and approves specific remuneration packages for the Governor, each of the executive Directors, the Group Secretary and those senior executives who report directly to the Group Chief Executive ("Group Executive Committee").
The remuneration of non-executive Directors is determined by the Court. Neither the Governor nor any Director participates in any decision relating to their own remuneration.
Group Audit Committee
The Group Audit Committee, which comprises independent non-executive Directors only, monitors the integrity of the financial statements, oversees all relevant matters pertaining to the external auditors and reviews the Group's internal controls, including financial controls, and the effectiveness of the internal audit function. The Committee reviews the internal and external audit plans and subsequent findings, the selection of accounting policies, the auditors' report, the effectiveness of the services provided by the external auditors and other related matters.
Court Committees
The Court delegates responsibility for a range of specific issues to different committees, whose terms of reference are reviewed annually, as set out below. In all cases the Court is kept fully informed of the activities of each committee through formal reports and minutes thereby providing it with an opportunity to have its views taken into account.
Group Code of Conduct
The Bank of Ireland Group Code of Conduct (the Code) is the standard that we set ourselves for what we say and do in our relationships with our customers, suppliers, employees, Government and regulators. It is our commitment to the legal and ethical behaviours that are expected from each of us.
The Code gives guidance to us on how these behaviours should apply to all activities of the Group. We are all required to follow both the spirit and the letter of this Code in our dealings with others, both internally and externally, and in our personal financial dealings.
The Code is not, nor can it be, specific to each and every situation that we may encounter as an employee or director of a Group business unit. However, the intention of the Code is very clear and includes details of what action you can take if you have any concerns.
Every employee has a personal responsibility to read the Code and understand what it means. If you are in doubt about any part of the Code please consult with your manager.
If you suspect that a breach of this Code or of any Group policy has occurred, you are obliged to report this to your manager or you can raise your concern as described in the Group's Speak Up policy.
Thank you,Richie BoucherGroup Chief ExecutiveMarch 2009
The Code gives guidance to us on how these behaviours should apply to all activities of the Group. We are all required to follow both the spirit and the letter of this Code in our dealings with others, both internally and externally, and in our personal financial dealings.
The Code is not, nor can it be, specific to each and every situation that we may encounter as an employee or director of a Group business unit. However, the intention of the Code is very clear and includes details of what action you can take if you have any concerns.
Every employee has a personal responsibility to read the Code and understand what it means. If you are in doubt about any part of the Code please consult with your manager.
If you suspect that a breach of this Code or of any Group policy has occurred, you are obliged to report this to your manager or you can raise your concern as described in the Group's Speak Up policy.
Thank you,Richie BoucherGroup Chief ExecutiveMarch 2009
Bank of Ireland Group Head Office
Bank of Ireland Group Head Office
Group Head Office
Lower Baggot Street, Dublin 2 Tel: + 353 1 661 5933Fax: + 353 1 661 5671
Group Head Office
Lower Baggot Street, Dublin 2 Tel: + 353 1 661 5933Fax: + 353 1 661 5671
Company Overview
Company Overview
Bank of Ireland Group is a diversified Financial Services Group with market leading positions in our chosen domestic markets and niche status in other selected markets. With our headquarters in Dublin, profit generation is well distributed between Republic of Ireland (55%), UK (32%) and the Rest of the World (13%).
We have a clear and compelling strategy to:
Maximise returns from our leading position in Ireland
Grow our portfolio of niche skill-based businesses internationally
Substantially grow our businesses in the UK
Bank of Ireland was established in 1783 by Royal Charter and today has approximately 16,000 groupwide. We are the largest Irish bank by total assets and a highly rated Irish listed Financial institution.
Bank of Ireland Group is a diversified Financial Services Group with market leading positions in our chosen domestic markets and niche status in other selected markets. With our headquarters in Dublin, profit generation is well distributed between Republic of Ireland (55%), UK (32%) and the Rest of the World (13%).
We have a clear and compelling strategy to:
Maximise returns from our leading position in Ireland
Grow our portfolio of niche skill-based businesses internationally
Substantially grow our businesses in the UK
Bank of Ireland was established in 1783 by Royal Charter and today has approximately 16,000 groupwide. We are the largest Irish bank by total assets and a highly rated Irish listed Financial institution.
Bank of Ireland (IOM) Ltd
P O Box 246, Christian Road, Douglas, Isle of Man IM99 1XFTel: + 44 1624 644200, Fax: + 44 1624 644298
Bank of Ireland First Currency Services
Eastcheap Court, 11 Philpot Lane, EC3M 8BA.
Bank of Ireland First Currency Services
Eastcheap Court, 11 Philpot Lane, EC3M 8BA.
Banking 365
2004 - The Group announces its acquisition of Burdale Financial Holdings
2004 - The Group sells its interest in Chase de Vere Financial Solutions
2004 - The Group increase its stake in Iridian Asset Management to 76%.
2004 - The Group announces a pilot Joint Venture with the Canadian Post Office.
2004 - The Group exits its Joint Venture with euroConex.
2004 - The Group announces the outsourcing of its IT Infrastructure Service.
2004 - The Group sells its interest in Chase de Vere Financial Solutions
2004 - The Group increase its stake in Iridian Asset Management to 76%.
2004 - The Group announces a pilot Joint Venture with the Canadian Post Office.
2004 - The Group exits its Joint Venture with euroConex.
2004 - The Group announces the outsourcing of its IT Infrastructure Service.
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