And the Truth Will Set You Free

Transparency often involves more than simple clarity and disclosure. The information may be there but one may be hard pressed to find it. Unlike some of its peers, Bank of Ireland (“BOI”) has taken a direct approach in communicating with the marketplace and its clients with respect to its current situation. For them, it was important to get the word out.

Last week, BOI publicly announced that as a result of the Irish government’s recapitalization plan, through a Euro 2 billion investment including a 25% voting share, the bank would curtail some of its activities. Included among these is ship lending. Nevertheless, a slimmed down ship lending team will remain in place to support its current activities as well as its future commitments, which run through 2012. The bank

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