A senior figure in Bank of Scotland Ireland (formerly ICC) has dismissed as pure fantasy a report in today's London Times suggesting that fears of bad debts in BoS are hitting the shares of parent company HBOS.
The report said dealers were concerned at BoS's high exposure to the hotel and leisure sector, which has had a poor summer.
A BoS source said there was 'absolutely no substance in the story', and that 'the loan book had never been in better shape'. He estimated the less than 10% of BoS's loan book dealt with the hotel sector.
Goodbody Stockbrokers banking analyst Len Riddell said that although the leisure sector may have some difficulties, the concerns raised in the article were 'over-played'.
