Bank of Ireland, like all Irish banks, is under pressure from the European Central Bank to reduce bad loans which ballooned after Ireland’s property crash.
Banks usually require proof of address and identity documents, like passports, to open accounts, which can exclude victims of slavery and trafficking who may have had these documents confiscated or live in safe houses.
Northern Rock imploded when the credit crunch struck, as it was then deprived of cash on the international money markets, which it had used as a source of funds to lend to homeowners.
As a result of this year's transformation, SocGen now expects costs to start falling in 2020, while it sees revenues rising, boosting return on net equity to between 11.5 percent and 12.5 percent, the bank said in a presentation to investors.
“Another focus area this year is to fix the basics that will provide a platform for development in future years, including concluding the separation of our IT infrastructure from the Co-op Group, and we are making good headway.”