Bank of Ireland
An Irish commercial banking group with roots dating to 1783 and operations across retail, business, corporate and wealth banking.
Last updated November 3, 2026
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Overview
Bank of Ireland is one of Ireland’s oldest continuously operating banking institutions and one of the country’s traditional major banks. Its institutional origins lie in the Bank of Ireland Act 1781 and the opening of the Governor and Company of the Bank of Ireland in Dublin on 25 June 1783. Although its historic titles and public role sometimes gave it the appearance of a central bank, it has always been a commercial banking institution rather than Ireland’s central bank. The bank developed from a Dublin-based institution into a national network during the nineteenth and twentieth centuries. It moved into Dublin’s former Parliament House at College Green in 1808 and expanded beyond the capital, reaching seven provincial branches by 1827. Its branch network grew to 58 locations by 1883 and 75 by 1920. Following the creation of the Irish Free State, Bank of Ireland became banker to the Government of Ireland in 1922, a role it retained until the end of 1971. During that period it operated the Exchequer Account and performed several functions associated with government banking, while remaining distinct from the monetary authority. The modern group took shape through consolidation. It acquired or absorbed institutions including the National Land Bank, Hibernian Bank and the Irish branches of National Bank. In 1969, Bank of Ireland, Hibernian Bank and National Bank of Ireland were combined into the Bank of Ireland Group. The group later expanded into insurance, asset management, building-society banking and UK financial services. Its 1996 acquisition of Bristol and West Building Society established a substantial British platform, while New Ireland Assurance and other investment businesses broadened the group’s offering. Bank of Ireland provides personal and retail banking, current and savings accounts, mortgages, consumer credit, payment cards, overdrafts and digital banking. It also serves small and medium-sized enterprises, farmers, commercial borrowers and larger corporate customers through lending, leasing, asset finance, foreign exchange, interest-rate and exchange-rate services, trade-related banking and structured finance. Wealth and investment services have historically included asset management, trustee and executor services, investment products and insurance, although some businesses were later sold or separated as part of restructuring and state-aid requirements. The group has a particularly important presence in the Republic of Ireland and Northern Ireland. In Northern Ireland it retains the historic right to issue sterling banknotes, although it is not a central bank. In Great Britain, it has supplied savings products through the Post Office and previously operated several branded consumer-finance relationships. Corporate Banking has also maintained activity in selected European markets and the United States. The European Central Bank designated Bank of Ireland as a significant institution under European Banking Supervision from 2014, placing the group under direct ECB supervision. The bank was heavily affected by the Irish financial crisis. Deteriorating asset quality, falling profitability and a collapse in its share price led to state support and extensive restructuring. The European Commission subsequently required disposals of selected businesses, including Bank of Ireland Asset Management, New Ireland Assurance and other holdings. The group continued operating after recapitalisation and later returned to private ownership when the Irish state sold its remaining shareholding in September 2022. Today, Bank of Ireland remains an active, publicly listed Irish banking group focused primarily on Ireland and the UK, with a broad commercial and retail customer base.
History
Bank of Ireland was created through legislation passed by the Parliament of Ireland in 1781 and opened for business in Dublin on 25 June 1783. Its first premises were in a private house at St Mary’s Abbey. In 1808 it moved to the former Parliament House at College Green, a building that remains one of the most recognizable physical symbols of the institution’s history. Expansion beyond Dublin began early. By 1827 the bank had branches in Belfast, Clonmel, Cork, Derry, Newry, Waterford and Westport. It began paying interest on deposits in 1864, and its network grew to 58 branches by 1883 and 75 by 1920. In 1922 it became banker to the Government of Ireland. The bank operated the Exchequer Account and carried out important government-banking functions until 31 December 1971, but it was never Ireland’s central bank. The institution expanded through acquisitions and mergers. It took control of the National Land Bank in 1926 and acquired Hibernian Bank in 1958. In 1965 it acquired the Irish branches of National Bank, while the British branches went to Williams & Glyn’s Bank. Bank of Ireland, Hibernian Bank and National Bank of Ireland were merged into the Bank of Ireland Group in 1969. The bank introduced automated teller machines in 1980, Visa cards in 1990, telephone banking in 1996 and internet banking in 1997. The group pursued international and diversified financial-services growth during the 1990s and early 2000s. It acquired Bristol and West Building Society in 1996, New Ireland Assurance in 1997, Moneyextra in 2001 and a majority interest in the investment manager Iridian in 2002. It also entered and exited other asset-management and financial-services ventures during this period. Bristol and West’s branch and direct-savings operations were later sold to Britannia Building Society in 2005, and Chase de Vere was sold in 2004. The global financial crisis and Irish property collapse created a major turning point. In 2008, Moody’s changed its assessment of the bank from stable to negative, citing asset-quality and profitability concerns. Its share price fell sharply, bad debts increased and the Irish government announced rescue support in 2009. The group subsequently underwent restructuring and disposals. In 2010, European Commission state-aid conditions required the sale of several businesses and investments, and the Securities Services division was sold to Northern Trust in 2011. From 2014, Bank of Ireland was directly supervised by the European Central Bank as a significant institution. The group continued to restructure its branch and product footprint in Ireland, Northern Ireland and Great Britain while maintaining retail, commercial and corporate banking. It also re-entered card acquiring through BOI Payment Acceptance in partnership with EVO Payments International. In September 2022, the Irish government sold its remaining shareholding, ending a decade of state ownership. The bank remains an active listed group headquartered in Dublin, with core operations in Ireland and the UK and corporate-banking activity in selected overseas markets.
- 2022
Return to full private ownership
[1]The Irish state sold its final shareholding in the group.
- 2014
Direct ECB supervision
[1]The bank became a significant institution directly supervised by the European Central Bank.
- 2009
Irish financial-crisis rescue
[1]The Irish government announced rescue support for Bank of Ireland amid the banking and property crisis.
- 1996
Acquisition of Bristol and West
[1]The group acquired Bristol and West Building Society, expanding its British financial-services presence.
- 1969
Formation of the Bank of Ireland Group
[1]Bank of Ireland, Hibernian Bank and National Bank of Ireland were merged into the Bank of Ireland Group.
- 1922
Becomes banker to the Government of Ireland
[1]Bank of Ireland was appointed banker to the Government of Ireland.
- 1808
Move to Parliament House
[1]The bank moved to the former Irish Parliament House at College Green.
- 1783
Bank opens for business
[1]The institution began operations at St Mary’s Abbey in Dublin on 25 June.
- 1781
Bank established by Irish legislation
[1]The Parliament of Ireland passed the legislation that established the Bank of Ireland.
Products and positioning
A major Irish financial-services group combining domestic retail and business banking with corporate banking and selected UK and international operations.
Retail banking
Personal banking
Personal banking includes current accounts, savings and deposit products, overdrafts, personal loans, payment cards, foreign-exchange services and access through branches, telephone channels and digital banking. The offering is designed for everyday household payments, saving and borrowing in Ireland and selected UK channels.
Consumer lending
Residential mortgages
Bank of Ireland provides residential mortgage lending for home purchase and refinancing. Mortgage products have been distributed through the bank’s own channels and, in the UK, through partner and branded distribution arrangements. The group’s mortgage pricing and funding decisions have periodically attracted public scrutiny.
SME banking
Business banking
Business banking serves small and medium-sized enterprises, sole traders and agricultural customers with business accounts, overdrafts, term loans, asset finance, leasing, payments, foreign exchange and other working-capital services.
Corporate banking
Corporate Banking
Corporate Banking provides lending, structured finance, international asset financing, treasury services, foreign exchange, interest-rate and exchange-rate hedging, and other solutions for larger companies and institutions. Its international activity has included France, Germany, Spain and the United States.
Payments · 2014
BOI Payment Acceptance
BOI Payment Acceptance was launched in December 2014 through a marketing alliance with EVO Payments International. It marked the group’s return to the card-acquiring market and extended its payments relationship with business customers.
Banknotes
Northern Ireland sterling banknotes
Bank of Ireland retains a historic legal right to issue sterling banknotes in Northern Ireland. These notes are denominated in pounds sterling and are not Irish-pound currency. The modern series has included £5, £10 and £20 notes featuring Northern Irish imagery and the Old Bushmills Distillery.
Controversies
2021
Bank of Ireland fined over IT service continuity breaches
Ireland's Central Bank fined Bank of Ireland €24.5 million for regulatory breaches concerning its IT systems and service-continuity framework. The bank admitted five breaches relating to the framework and internal controls between 2008 and 2019.
2020
Central Bank of Ireland fines Bank of Ireland over 2014 fraud-control failings
The Central Bank of Ireland fined Bank of Ireland €1.66 million in connection with a 2014 private-banking incident involving a fraudulent transfer and the bank's failings in security checks and reporting.
2020
Central Bank fines Bank of Ireland €1.66 million
The Central Bank reprimanded and fined Bank of Ireland €1.66 million for five regulatory breaches committed by its former subsidiary, Bank of Ireland Private Banking Limited, and for misleading the regulator. Bank of Ireland admitted the breaches. The bank said it regretted the circumstances and its approach to the investigation, apologized to the customer and the Central Bank, and said it strengthened controls and training.
2009
College Green hostage robbery
A criminal gang stole approximately €7 million from the College Green branch after holding an employee’s relatives hostage. Six men were arrested the next day and part of the money was recovered.
2008
Loss of customer-data laptops
Four laptops containing sensitive customer information were stolen. The devices were not encrypted, and the incident raised concerns about internal controls, notification delays and data protection practices.
2004
Departure of chief executive Michael Soden
Michael Soden resigned abruptly as group chief executive after adult material that breached company policy was found on a Bank of Ireland computer. He issued a statement addressing the standards expected of senior management.
2000
DIRT tax controversy
Bank of Ireland settled an Irish tax liability of IR£30.5 million connected with deposit-interest retention tax issues and accounts identified in investigations into non-compliance and bogus non-resident accounts. The matter was examined by the Oireachtas Public Accounts Committee.
Brand decisions
2022
Return to private ownershipStrategyBackground
The Irish state had retained a shareholding following the financial-crisis rescue.
Action taken
The state sold its remaining shares in September 2022.
Aftermath
Bank of Ireland returned to full private ownership.
2014
Launch BOI Payment AcceptanceProduct launchBackground
The bank entered a marketing alliance with EVO Payments International and sought to return to card acquiring.
Action taken
BOI Payment Acceptance launched in December 2014.
Aftermath
The service expanded the bank’s payments offering for business customers.
2010
Restructure under state-aid conditionsStrategyBackground
The group received Irish state support during the financial crisis, triggering European Commission restructuring requirements.
Action taken
Bank of Ireland disposed of or prepared to dispose of selected asset-management, insurance, building-society and investment interests.
Aftermath
The group narrowed its business portfolio and continued as a recapitalised commercial bank.
1996
Acquire Bristol and West Building SocietyM&ABackground
Bank of Ireland sought to expand its UK retail and savings presence.
Action taken
The group acquired Bristol and West Building Society for £600 million.
Aftermath
Bristol and West retained its brand for a period and became a major part of the group’s British platform before selected operations were sold in 2005.
Acquisition price. £600 million (1996)
1969
Merge three Irish banking institutionsM&ABackground
Bank of Ireland, Hibernian Bank and National Bank of Ireland operated as significant parts of the Irish banking system.
Action taken
The institutions were combined to form the Bank of Ireland Group.
Aftermath
The merger created the organizational foundation of the modern group.
Recent events
- 2022
Irish state exits Bank of Ireland shareholding[1]
Other
The Irish state sold its remaining stake, returning Bank of Ireland to fully private ownership for the first time in approximately a decade.
- 2014
Bank of Ireland becomes directly supervised by the European Central Bank[1]
Regulation
Bank of Ireland became a significant institution under the European Banking Supervision framework and came under direct ECB supervision.
- 2013
Bank of Ireland mortgage-rate increase draws criticism[1]
Pricing · Other
The bank more than doubled rates on certain tracker mortgages linked to Bank of England rates, citing funding and reserve costs; the decision attracted strong criticism from mortgage advisers.
- 2010
European Commission orders disposal of selected Bank of Ireland businesses[1]
Regulation
Following state aid, the European Commission required the group to dispose of several businesses and investments, including asset management, insurance and other holdings.
- 2009
Bank of Ireland receives Irish state rescue support[1]
Bankruptcy · Regulation
The Irish government announced a multibillion-euro rescue package for Bank of Ireland and Allied Irish Banks during the financial crisis.
Sources10 sources
- 1Bank of Irelanden.wikipedia.org
- 2Bank of Ireland official websitebankofireland.com
- 3Central Bank of Ireland fines Bank of Ireland over 2014 fraud-control failingscomputerweekly.com
- 4Central Bank fines Bank of Ireland €1.66 millionrte.ie
- 5Bank of Ireland fined over IT service continuity breachesbbc.co.uk
- 6Bank of Ireland fined over IT service continuity breaches98fm.com
- 7Bank of Ireland apologises for delay in SCA rolloutrte.ie
- 8Bank of Ireland fined €24.5m for regulatory breachesrte.ie
- 9Cross Border Cinemagic Film Academy launches for 2026 | The Irish Film & Television Networkiftn.ie
- 10Revolut launches Open Banking for its Irish customersrte.ie
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