A SEPA transfer is a payment to a payee whose bank is located within the SEPA zone (including Ireland and the UK). Transfers to these types of payees can be made in Euro only. The current countries that comprise SEPA are the 28 EU member states, the three European Economic Area countries (Iceland, Liechtenstein and Norway) as well as Switzerland, Monaco, Gibraltar and San Marino.
For Northern Ireland and Great Britain (NIGB) customers, an International Transfer is used to send payments in GBP or other available currencies, excluding euro, to SEPA zone countries (e.g. GBP to France) and non-SEPA zone countries ( e.g. AUD to Australia).
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Any existing International payees for the SEPA zone countries on the table below remain International (Non SEPA) Payees. If you wish to transfer in euro to any of these countries then you will need to also set the payee up as a SEPA payee.
Any existing international payees, from a SEPA zone country, on the table below have now become SEPA payees*. These payees will still be available as an international payee option where there is a payment option available in another currency than euro.
Bank of Ireland Group plc is a public limited company incorporated in Ireland, with its registered office at 2 College Green, Dublin, D02 VR66 and registered number 593672. Bank of Ireland Group plc, whose shares are listed on the main markets of the Irish Stock Exchange plc and the London Stock Exchange plc, is the holding company of Bank of Ireland.
Bank of Ireland is regulated by the Central Bank of Ireland. In the UK, Bank of Ireland is regulated by the Central Bank of Ireland and authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.
Bank of Ireland Group plc (Irish: Banc na hireann) is a commercial bank operation in Ireland and one of the traditional Big Four Irish banks. Historically the premier banking organisation in Ireland, the bank occupies a unique position in Irish banking history. At the core of the modern-day group is the old Governor and Company of the Bank of Ireland, the ancient institution established by royal charter in 1783.[1]
Bank of Ireland has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank.[2][3]
The Bank of Ireland Act 1781 (21 & 22 Geo. 3. c. 16 (I)) was passed by the Parliament of Ireland, establishing the Bank of Ireland.[5] On 25 June 1783, Bank of Ireland opened for business at St Mary's Abbey in a private house previously owned by one Charles Blakeney.[6][7]
On 6 June 1808, Bank of Ireland moved to the former Parliament House at 2 College Green.[6] By 1827, it had seven branches outside of Dublin, in Belfast, Clonmel, Cork, Derry, Newry, Waterford and Westport.[8]
In 1965, the National Bank Ltd, a bank founded by Daniel O'Connell in 1835, had branches in Ireland and Britain.[13] The Irish branches were acquired by Bank of Ireland[14] (changing its name to the National Bank of Ireland Ltd),[15] and rebranded temporarily as National Bank of Ireland, before being fully incorporated into Bank of Ireland. The British branches were acquired by Williams & Glyn's Bank.[6]
In 1980, Bank of Ireland opened its first ATM (branded as Pass Machines).[17][18] In 1983, Bank of Ireland celebrated its Bi-Centenary and a commemorative stamp was issued. The Bank also commissioned the publication of "An Irish Florilegium" that year.[19] Only branches in cities and major towns had ATMs in the 1980s but branches in most medium and small towns installed then in the 1990s.
In 1990, Bank of Ireland offered Visa cards for the first time.[20] In 1995, Bank of Ireland merged First New Hampshire Bank with Royal Bank of Scotland's Citizens Financial Group.[21] In 1996, it introduced telephone banking.[22]
In 1999, the bank held merger talks with Alliance & Leicester, but they were called off.[26] In 2000, it was announced that Bank of Ireland was acquiring Chase de Vere.[27] This share was later sold in 2004.[28]
In 2001, the bank acquired Moneyextra.[29] In 2002, it acquired a 61% share in Iridian, a US investment manager, which doubled the size of its asset management business.[30] It increased its share to 76% in 2004.[31] In 2005, Bank of Ireland completed the sale of the Bristol and West branch and Direct Savings (Contact Centre) to Britannia Building Society.[32]
In 2010, the European Commission ordered the disposal of Bank of Ireland Asset Management, New Ireland Assurance, ICS Building Society, its US Foreign Exchange business and the stakes held in the Irish Credit Bureau and in an American Asset Manager followed the receipt of Irish Government State aid.[37] In 2011, the Securities Services Division of the bank was sold to Northern Trust Corporation.[38][39]
In 2013, Bank of Ireland more than doubled interest rates on mortgages tracking Bank of England rates, (which had remained stable for four years), citing the need to hold more reserves and the 'increased cost of funding mortgages'. Described by Ray Boulger of broker John Charcol as 'having shot the reputation of its mortgages to smithereens', nevertheless, the bank continues to offer highly competitive mortgages through the Post Office.[40]
In 2014, regulation of the bank was transferred to the European Central Bank.[41] Also in 2014, the bank entered into a marketing alliance with EVO Payments International and re-entered the card acquiring market. BOI Payment Acceptance was launched in December 2014.[42]
The headquarters of the bank until the 1970s was the impressive Parliament House on College Green, Dublin. This building was originally designed by Sir Edward Lovett Pearce in 1729 to host the Irish Parliament, and it was the world's first purpose-built bicameral parliament building.[44]
The bank had planned to commission a building designed by Sir John Soane to be constructed on the site bounded by Westmoreland Street, Fleet Street, College Street and D'Olier Street (now occupied by the Westin Hotel). However, the project was cancelled following the Act of Union in 1800, when the newly defunct Parliament House was bought by the Bank of Ireland in 1803.[45] The former Parliament House continues today as a working branch. Today, visitors can still view the impressive Irish House of Lords chamber within the old headquarters building. The Oireachtas, the modern parliament of Ireland, is now housed in Leinster House in Dublin. In 2011, the Irish Government set out proposals to acquire the building as a venue for the state to use as a cultural venue.[46]
The group provides a broad range of financial services in Ireland to the personal, commercial, industrial and agricultural sectors. These include checking and deposit services, overdrafts, term loans, mortgages, international asset financing, leasing, instalment credit, debt financing, foreign exchange facilities, interest and exchange rate hedging instruments, executor and trustee services.[49]
In Great Britain, the bank expanded largely through the takeover of the Bristol and West Building Society in 1996. Bank of Ireland also provides financial services for the British Post Office throughout the UK and AA Savings.
Although the Bank of Ireland is not a central bank, it does have sterling note-issuing rights in the United Kingdom. While the Bank has its headquarters in Dublin, it also has operations in Northern Ireland, where it retains the legal right (dating from before the partition of Ireland) to print its own banknotes. These are pound sterling notes and equal in value to Bank of England notes, and should not be confused with banknotes of the former Irish pound.
The obverse side of Bank of Ireland banknotes features the Bank of Ireland logo, below which is a line of heraldic shields each representing one of the six counties of Northern Ireland. Below this is a depiction of a seated Hibernia figure, surrounded by the Latin motto of the Bank, Bona Fides Reipublicae Stabilitas ("Good Faith is the Cornerstone of the State").[53] The current series of 5, 10 and 20 notes, issued in April 2008, all feature an illustration of the Old Bushmills Distillery on the reverse side. Prior to 2008, all Bank of Ireland notes featured an image of the Queen's University of Belfast on the reverse side.[54][55][56]
The Bank of Ireland has never issued its own banknotes in the Republic of Ireland. Section 60 of the Currency Act 1927 removed the right of Irish banks to issue banknotes, however "consolidated banknotes", of a common design issued by all "Shareholder Banks" under the Act, were issued between 1929 and 1953. These notes were not legal tender.[57]
Michael Soden abruptly quit as group chief executive on 29 May 2004 when it was discovered that adult material that contravened company policy was found on his Bank PC.[58] Soden issued a personal statement explaining that the high standards of integrity and behaviour in an environment of accountability, transparency and openness, which he espoused, would cause embarrassment to the Bank.[59]
In April 2008 it was announced that four laptops with data pertaining to 10,000 customers[62] were stolen between June and October 2007. This customer information included names, addresses, bank details, medical and pension details.[63]
The thefts were initially reported to the Garda Sochna, however the Banks senior management did not know about the problem until February 2008 after an internal audit uncovered the theft and the Bank did not advise the Data Protection Commissioner and the Central Bank of Ireland until mid-April 2008. It also came to light that none of the laptops used encryption to protect the sensitive data. The Bank has since released a press release detailing the seven branches affected and its initial response,[64] later in the month the Bank confirmed that 31,500 customer records were affected as well as an increased number of branches.[65] 152ee80cbc
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