BoSI restructures its Burlington shareholding

Bank of Scotland (Ireland) has employed a complex accounting manoeuvre to restructure its 30 per cent shareholding in developer Bernard McNamara’s vehicle to redevelop the site of the Burlington Hotel in Dublin.

6th September, 2008

Bank of Scotland (Ireland) has employed a complex accounting manoeuvre to restructure its 30 per cent shareholding in developer Bernard McNamara’s vehicle to redevelop the site of the Burlington Hotel in Dublin.

The move will mean the bank would not be required to consolidate any losses associated with a reduction in the value of the property in the bank’s own accounts.

The bank teamed up with McNamara to buy the hotel for...

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