Bank of Ireland to sell art collection

The Bank of Ireland is to sell its art collection – diverting the proceeds into other areas of corporate social responsibility – as it sets out to raise €3.5bn in new capital, the Irish Independent reports. The collection, primarily focusing on emerging Irish artists since the 1970s, is valued at €4m and includes works by Paul Henry, Louis le Brocquy and Robert Ballagh. The bank, which saw its first-half profit fall by 66% this year, has already given away parts of the collection to the Irish Museum of Modern Art over the last few years. Eyes will now be on Allied Irish Bank and the Anglo Irish Bank, both of whom have significant bad debts and similar sized collections.