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Bank of Ireland CEO says surprised by lack of Brexit impact

Reuters - UK Focus

DUBLIN, Nov 17 (Reuters) - Bank of Ireland (EUREX: 1269463.EX - news) has seen a surprisingly benign impact on its business customers from Brexit but still believes it will be drag on the economy, the chief executive of Ireland (Other OTC: IRLD - news) 's largest bank by assets said on Thursday.

"I do think there will be a negative impact on our economy from Brexit... However we have been surprised to slightly positive about the lack of a real impact to date both in our British business and Irish businesses," Richie Boucher told a parliamentary committee.

"In talking to our business customers in particular, a lot of them have been through heavy, heavy cost reductions (during the financial crisis) and their businesses are much more efficient. Their risk of default has increased but it is relatively low. The impact has been surprisingly benign." (Reporting by Padraic Halpin)