Businessman Denis O'Brien has said he would consider investing in Bank of Ireland.

In an interview with Bloomberg News at the World Economic Forum in Davos, the telecoms billionaire said the Irish banking system had been cleaned up and was in better shape than was the case in many other European countries.

"I'd invest in Bank of Ireland. I think Bank of Ireland have really taken the medicine. They've cleaned up their balance sheet," he said.

Mr O'Brien was previously a director at the bank and was vice chairman of its board. He resigned from that position and stepped down from the board in 2007.