Guide Index Red words? Check the Dub Glossary!This exhibit actually looks interesting, though it's a thing secondary school kids go on field trips to see.
The Bank of Ireland was founded by an act of the Irish Parliament (whose building it now occupies!) in 1783. It was the most influential bank in the country for the next two hundred years. BOI was the ONLY bank until the 1820's and 30's, when Ulster Bank and Hibernian opened. As in the US, these early banks were relatively unstable, and there were many panics and failures.
Legal restrictions on the formation of banks were lifted in the mid-1800's, and the number of branches boomed from from 174 in 1850 to 600 in 1898. Banks prospered with Belfast's industry and the south's agriculture, around the turn of the century. Things changed shortly.
The decline of the linen industry in the north in the 20's and the effect of the Depression in the 30's were damaging enough. On top of that, the new Irish government of the time was waging an 'Economic War' against the UK, refusing to trade and such. The Irish had to bring home the bacon literally rather than figuratively, and so the banks (and economy in general) suffered.
Recovery began in earnest in the 60's, when Ireland opened up to the outside world. Foreign banks (and capital) were attracted to these shores, with First National City Bank (now Citicorp) being the first to open a Dublin branch. There were also a series of mergers and acquisitions (BOI absorbing Hibernian and National Bank around this time) and the field reached its modern form of four main banks- Bank of Ireland, Allied Irish Bank, Ulster Bank and National Irish Bank.
Bank robbing seems to be an Irish tradition. On 1 and 2 May 1922, during the Civil War, twenty-six banks were knocked over in co-ordinated raids by Anti-Treaty forces. Two weeks past, the BOI branch out at Dublin Airport was looted of one hundred grand by some ram-raiders. Last week it was the American Express Currency Exchange office on Nassau Street. But the lure of stacked loot sways not only political bands and gangsters. There have been all sorts of scandals coming to light in recent years about how thoroughly corrupt these institutions have been at the top. Senior NIB and AIB management scumbags and their various bedfellows, scamming their account holders and the government's Revenue Commissioners out of millions. This in particular pisses me off, as every normal joe's account over here is subjected to heavy fees and charges for all transactions. And interest? Forget it. The account holder has to pay dear yearly fees for the priviledge of letting these crooks use our money. The history not of what country raised its flag where, but of who managed to get a mortagage to build their dreams, home or farm--- that's inherently interesting. I'm just feeling a bit bitter, with the profits these institutions have been making and murder they have been getting away with. I'm hoping that inquiries will nail the suckers responsible, and let banks be the magnificently-columned tourist attractions and civic service-providers they should be.
- Added to the DFA Guide, February 1998.
Guide Index Red words? Check the Dub Glossary!