History of Bank of Ireland in Timeline

Bank of Ireland Group plc is a major commercial bank in Ireland, recognized as one of the "Big Four." With roots dating back to 1783, it holds a significant position in Irish banking history as the former premier banking organization. The modern group is built upon the Governor and Company of the Bank of Ireland, established through royal charter, solidifying its long-standing presence and influence within the country's financial sector.

2004: Bank of Ireland Forged Strong IT Links

From 2004, Bank of Ireland forged strong links with IT outsourcing companies. An agreement with HP was signed in 2004.

2007: Share Value at its Highest

In 2007, Bank of Ireland shares reached their highest value before plummeting.

March 2009: Share Value Plummets

On 5 March 2009, Bank of Ireland's shares reached €0.12, reducing the company's value by over 99% from its 2007 high. At the 2009 AGM, shareholders criticized the performance of their Auditors, PriceWaterhouseCoopers.

2009: Incomplete and Misleading Information Provided

In 2009, Bank of Ireland provided incomplete and misleading information to the Department of Finance before a €3.5 billion taxpayer-funded recapitalisation. The bank also gave wrong information to the Minister for Finance, who then misled the Dáil about €66 million in bonuses paid since receiving a State guarantee. The Bank later paid €2 million in compensation for providing misleading information.

November 2010: IBM Wins Outsourcing Contract

In November 2010, IBM won a $450 million full-scope outsourcing contract to manage Bank of Ireland Group's Information Technology infrastructure services, succeeding HP. This contract followed the natural expiration of Bank of Ireland's agreement with HP signed in 2004.

July 2011: IBM Selected for Exclusive Contract Negotiations

In July 2011, IBM was selected for exclusive contract negotiations following a competitive bid process. IBM was then set to manage the group's entire IT infrastructure. At the same time a banking analyst said that BOI's IT system is very antiquated.

2016: Bank of Ireland Closes Accounts of Irish Palestine Solidarity Campaign

In 2016, Bank of Ireland closed the accounts of the Irish Palestine Solidarity campaign, citing Palestine as a high-risk country. Sinn Féin TD Mary Lou McDonald criticized this decision, calling it outrageous and an insult to the Palestinian people.