BoI pulls out of broker market

In a statement to the London Stock Exchange, the lender said its future distribution will be targeted through its joint venture with the UK Post office and through its 44 branches in Northern Ireland. As a result, its UK residential mortgage book - worth £29bn as of September - is expected to reduce significantly. In a statement, the firm says: "This is in line with the strategy outlined at our Interim Results in November 2008 to reduce dependency on wholesale funding through selective balance sheet de-leveraging and to rigorously manage our cost base. "In this context, subject to consu...