Donal O'Donovan: Warning comes at bad time as bank seeks €600m investment
THE suggestion that losses could be lurking deep inside an Irish bank is hardly revolutionary. But news that things may be a bit worse than previously thought at Bank of Ireland is a sharp reminder that Ireland Inc is not out of the woods yet.
That might not come as a shock to those of us living and working here, but abroad and on the financial markets, Bank of Ireland has been trading as if the economic crisis was entirely in the past.
Yesterday, the bank published the results of an independent review of its balance sheet – its mix of assets and debts – which suggested it might recover less than it thinks on bad business loans and mortgages.