Bank of Ireland chief says the economy is showing positive signs, but banks will feel the brunt

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The chief executive of Bank of Ireland said she is 'cautiously optimistic' about the economic recovery in Ireland, but that banks are still facing a severe hit.

In its half-year report, Bank of Ireland announced a 669 million euro loss before tax, after it took an impairment charge of 937 million euros to cover loan losses during the pandemic.

"Many of those customers have come off and resumed normal credit and interest repayment, but our focus in the latter part of this year as people come off their final payment break is to work with our customers," she said. There is still uncertainty on any future outlook, she added, with Brexit presenting "additional uncertainty" that may create further challenges ahead.Bank of Ireland recently revamped its charges and now charges a flat fee of six euros per month for current account customers, regardless of how much they have with the bank.

"The focus on technology was already there before Covid, but the trends and changes amongst our customers are only going to accelerate that," McDonagh said.

 

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If everything is so good why is every Bank of Ireland customer being charged €6.00 a month from November? And why should I pay for debit card use when I never use the BOI debit card and never intend to do so.

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Hope all will okay

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