Bank of Ireland selling off profitable businesses
In line with the Royal Bank of Scotland, which has also been forced to sell off parts of its operations for EU bailout approval, the Bank of Ireland has today put up for sale a number of profitable businesses within the group. It is unclear exactly how much money these potential disposals will raise but it is part of the ongoing process to ensure that the Irish government bailout is approved by the European Union without any further penalties.
The Irish financial sector has been something of a nightmare for some time now after various issues began to arise regarding irregularities at a number of banks. In many ways it was the collapse of the Irish economy which precipitated the discovery of these irregularities but these two issues came together to cause a nightmare scenario from which the sector has still to recover. The Irish government recently announced a total revamp of the sector with taxpayers taking a stake in some operations and additional finance being made available to the market as a whole.
It is unclear at this moment in time whether enough has been done to revamp and revitalise the sector or whether additional funding will be required further down the line.
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