Bank of Ireland facts for kids
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| Public limited company | |
| Traded as | Euronext Dublin: BIRG LSE: BIRG ISEQ 20 component |
| ISIN | ISIN: [https://isin.toolforge.org/?language=en&isin=IE00BD1RP616 IE00BD1RP616] |
| Industry |
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| Founded | 5 April 1783 |
| Headquarters | Ballsbridge, Dublin, Ireland |
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Area served
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Key people
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| Products |
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| Revenue | €7,817 million (2023) |
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Operating income
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€4,428 million (2023) |
| €1,601 million (2023) | |
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Number of employees
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10,845 (2023) |
Bank of Ireland Group plc (Irish: Banc na hÉireann) is a major bank in Ireland. It is one of the four biggest banks in the country. This bank has a special place in Irish history. It started as the "Governor and Company of the Bank of Ireland" way back in 1783. This was set up by a special order from the King.
Since 2014, the Bank of Ireland has been watched over by the European Central Bank. This means it's a very important bank in Europe.
Contents
The Bank of Ireland's Story
Bank of Ireland is the oldest bank in Ireland that has been open almost all the time. It only closed for short periods during bank strikes.
How the Bank Began
| Bank of Ireland Act 1781 | |
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| Act of Parliament | |
Parliament of Ireland
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| Long title | An Act for establishing a Bank, by the Name of the Governors and Company of the Bank of Ireland. |
| Citation | 21 & 22 Geo. 3. c. 16 (I) |
| Territorial extent | Kingdom of Ireland |
| Text of statute as originally enacted | |
The Bank of Ireland Act 1781 was a law passed by the Irish Parliament. This law created the Bank of Ireland. The bank first opened its doors on June 25, 1783. It was located in a private house at St Mary's Abbey in Dublin.
In 1808, the bank moved to a much bigger building. This was the former Parliament House at 2 College Green. By 1827, the bank had seven branches outside of Dublin. These were in cities like Belfast, Cork, and Waterford.
Growing Through the Years
In 1864, Bank of Ireland started paying interest on money people deposited. This was a big step for the bank. By 1883, it had 58 branches across Ireland. This number grew to 75 by 1920.
In 1922, the Bank of Ireland became the official banker for the new Government of Ireland. Over the years, the bank grew by taking over other banks. For example, it took control of the National Land Bank in 1926. In 1958, it took over the Hibernian Bank Limited.
A big merger happened in 1969. Bank of Ireland, Hibernian Bank, and the National Bank of Ireland all joined together. This formed the Bank of Ireland Group we know today.
Modern Banking Changes
In 1980, Bank of Ireland introduced its first ATM. These were called "Pass Machines." In 1983, the bank celebrated its 200th birthday! A special stamp was even made to mark the occasion.
The bank kept adding new services. In 1990, it started offering Visa cards. In 1996, you could do your banking over the phone. Then, in 1997, Bank of Ireland was one of the first to offer banking online.
Challenges and Changes
In 2008, the bank faced some tough times. Its share price dropped a lot. The Irish government had to step in and help the bank with a large amount of money in 2009. Around this time, a very large bank robbery happened at the Bank of Ireland in College Green.
Because the bank received government help, the European Commission asked it to sell off some of its businesses. This included its asset management and insurance parts. In 2011, another part of the bank, its Securities Services Division, was sold.
In 2013, the bank made some changes to its mortgage interest rates. In 2014, the European Central Bank started directly supervising the Bank of Ireland. This means they keep a close eye on how the bank operates.
In September 2022, the Irish government sold its last shares in the bank. This meant Bank of Ireland was fully owned by private investors again.
The Bank's Role for the Government
Bank of Ireland was never the central bank of Ireland. However, it did many jobs that a central bank would do. For example, it managed the government's money. It also helped other banks when they needed it. From 1922, when the Irish Free State was formed, until 1971, Bank of Ireland was the official banker for the Irish Government.
Where the Bank is Located
For a long time, the bank's main office was the impressive Parliament House in Dublin. This building was designed in 1729 for the Irish Parliament. It was the first building ever built just for a two-part parliament.
The bank bought the Parliament House in 1803 after the Irish Parliament closed. This old building is still a working bank branch today. You can even visit the old House of Lords chamber inside!
In the 1970s, the bank moved its main office to a modern building on Lower Baggot Street in Dublin. This building was so big that it used a huge amount of copper, which even made the price of copper go up around the world!
In 2010, the bank moved to its current, smaller headquarters on Mespil Road in Dublin.
What Banking Services They Offer
Bank of Ireland has its main office in Dublin. It also has branches and services in the Republic of Ireland, Northern Ireland, Great Britain, and other countries.
In the Republic of Ireland
The bank offers many financial services in Ireland. These include:
- Checking and savings accounts
- Loans for homes (mortgages)
- Loans for businesses
- Credit cards
- Help with foreign money exchange
- Services for farmers and industries
In 1969, Bank of Ireland had 500 branches in the Republic of Ireland. By 2022, this number had been reduced to 169 branches.
In Northern Ireland
In Northern Ireland, Bank of Ireland has a special right. It can print its own Pounds Sterling banknotes. In 2021, the number of branches in Northern Ireland was cut from 28 to 13.
In Great Britain
In Great Britain, the bank grew by taking over the Bristol and West Building Society in 1996. Bank of Ireland also works with the British Post Office and AA Savings to provide financial services across the UK.
Around the World
Bank of Ireland also has operations in other parts of the world. Its Corporate Banking section provides services in countries like France, Germany, Spain, and the United States.
Banknotes They Print
Even though Bank of Ireland is not a central bank, it can print its own banknotes in the United Kingdom. This is because of old laws from before Ireland was divided. These notes are in pound sterling and are worth the same as notes from the Bank of England. They are different from the old Irish pound notes.
The front of Bank of Ireland banknotes has the bank's logo. Below that are shields for each of the six counties in Northern Ireland. There's also a picture of a lady called Hibernia, who represents Ireland. The bank's Latin motto, Bona Fides Reipublicae Stabilitas, means "Good Faith is the Cornerstone of the State."
The current £5, £10, and £20 notes, printed since 2008, show the Old Bushmills Distillery on the back. Before 2008, all Bank of Ireland notes showed Queen's University of Belfast on the back.
The notes come in different colours and sizes:
- £5 note: blue
- £10 note: pink
- £20 note: green
- £50 note: blue-green
- £100 note: red
Bank of Ireland has never printed its own banknotes in the Republic of Ireland.
Bank's Coat of Arms
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