Ian Guider: Looking ahead, we are in for a shock at how profitable the banks will become

Last year was a stellar one for Irish banks and credit unions, and 2024 is only going to get better

As the year draws to a close the Irish banking sector has never looked healthier. How did they get into that position? It is all down to interest rates. Picture: Fergal Phillips

The most remarkable moment in Irish banking this year almost went unnoticed. To find it required scouring Bank of Ireland’s annual report released back in March. Amid the 300-pages of financial data was the disclosure that for the first time in 15 years the bank would be resuming paying bonuses to its top executives worth hundreds of thousands of euro every year.

There have been many milestones in the long recovery of the banking sector. ...