Saturday 3 December 2016

Bank investors will not be our 'saviours' – their only job is to make themselves a profit

Published 11/06/2014 | 02:30

INVESTMENT TITAN: Wilbur Ross. Photo: Daniel Acker/Bloomberg
INVESTMENT TITAN: Wilbur Ross. Photo: Daniel Acker/Bloomberg

If you only look at one chart today to understand the story of Bank of Ireland, this is the one here. It shows the movement in the share price of Bank of Ireland since Wilbur Ross bought his stake and it contrasts this upward movement with the downward trajectory in the amount of money lent into the economy during the same period.

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Mr Ross made his tidy profit. That's what he is paid to do and no one can begrudge this.

The government spin at the time was that his investment was good for Ireland; it wasn't. It was good for Mr Ross but not for the economy in any material way. It is not Mr Ross's job to provide financial assistance for the Irish economy. It is his job to make money, which he has done.

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