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Ireland : MERRILL LYNCH shifts $187 billion out of IRELAND

June 10, 2014

Merrill Lynch International Bank, Ireland s biggest bank when measured by the size of its balance sheet, shifted a total $84 billion worth of financial assets out of Ireland to the UK in 2013.

The net amount shifted by the bank for the last two years is $187 billion, meaning assets equivalent in size to the entire Bank of Ireland group disappeared from the Irish financial sector since the end of 2011.

In 2013, the figures contained accounts for MLIB, the main global arm of the giant Bank of America Merrill Lynch corporation, which filed in recent days at the Companies Registration Office.

The directors of the bank, which engages in foreign exchange trading and derivatives from its Dublin headquarters, said it will proceed to shift assets out of Ireland over the next year.

The directors report said, In accordance with its strategic plan, the group transferred its global markets derivatives market risk to an affiliate in January 2014..... Also, the group is currently transferring most of its global markets loan portfolio to other Bank of America affiliates during 2014.

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Source: TendersInfo (India)

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