2008 Share Price Collapse
On 21 Feb 2007, Bank of Ireland shares reached €18.83 during the day, and closed at €18.65. With almost exactly 1bn shares in issue, this valued the company at €18.8bn
On 5 March 2009, the shares reached €0.12 during the day, thereby reducing the value of the company by over 99% from its 2007 high. At the 2009 AGM, shareholders criticised the performance of Auditors, PriceWaterhouseCoopers.
The annual profitability as at Feb 2007, was subsequently published as €1.95bn The profit for the half-year ended 30 Sept 2008 (unaudited) was published on 13 Nov 2008 as €0.706bn, and the outlook presented by the Governor was that the second-half of the financial year to March 2009 would be "marginally better than break-even." Thus the expected annual profit for 2008/9 is around €0.7bn.
The Central Bank told the Oireachtas Enterprise Committee that shareholders who lost their money in the banking collapse are to blame for their fate and got what was coming to them for not keeping bank chiefs in check, but did admit that the Central Bank had failed to give sufficient warning about reckless lending to property developers.
Read more about this topic: Bank Of Ireland
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