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Tuesday, 21 February 2012
Is it a Profit?
Bank of Ireland has declared a profit of euro 45 million.
This compares to a loss of euro 614 million last year.
Good news?
Yes until one considers that euro 1.8 billion of this profit comes from a revaluation of the bank's debt!
Isn't it time we got rid of this ridiculous accounting wheeze?
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