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Halloween (2007 film)
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Halloween
Theatrical release poster
Directed by
Rob Zombie
Produced by
Malek Akkad
Andy Gould
Rob Zombie
Screenplay by
Rob Zombie
Based on
Halloween
by John Carpenter
and Debra Hill
Starring
Malcolm McDowell
Sheri Moon Zombie
Tyler Mane
Scout Taylor-Compton
Brad Dourif
Danielle Harris
William Forsythe
Music by
Tyler Bates
John Carpenter (themes)
Cinematography
Phil Parmet
Edited by
Glenn Garland
Production
companies
Dimension Films
Nightfall Productions
Spectacle Entertainment
Trancas International
The Weinstein Company
Distributed by
Dimension Films
Metro-Goldwyn-Mayer
Release date
August 31, 2007 (2007-08-31)
Running time
110 minutes[1]
Country
United States
Language
English
Budget
$15 million[2]
Box office
$80.2 million
Halloween is a 2007 American slasher film written, directed, and produced by Rob Zombie. The film is a remake/reimagining of the 1978 horror film of the same name; the first in the rebooted Halloween film series and the ninth installment of the Halloween franchise. The film stars Tyler Mane as the adult Michael Myers, Malcolm McDowell as Dr. Sam Loomis, and Scout Taylor-Compton as Laurie Strode; Daeg Faerch portrays a ten-year-old Michael Myers. Rob Zombie's "reimagining" follows the premise of John Carpenter's original, with Michael Myers stalking Laurie Strode and her friends on Halloween night. Zombie's film goes deeper into the character's psyche, trying to answer the question of what drove him to kill people, whereas in Carpenter's original film Michael did not have an explicit reason for killing.
Working from Carpenter's advice to "make [the film] his own",[3] Zombie chose to develop the film as both a prequel and a remake, allowing for more original content than simply re-filming the same scenes. Despite mostly negative reviews, the film, which cost $15 million to make,[2] went on to gross $80,208,039 worldwide, making it the second highest-grossing film in the Halloween franchise in unadjusted U.S. dollars behind Halloween H20. Zombie followed the film with a sequel, Halloween II, in 2009.
Contents
[hide]
1 Plot
2 Production
3 Release
4 Reception
4.1 Box office
4.2 Critical response
5 Home media
6 References
7 External links
Plot[edit]
On Halloween in Haddonfield, Illinois, ten-year-old Michael Myers (Daeg Faerch), having already exhibited signs of psychopathic tendencies, murders a school bully (Daryl Sabara). Later that evening, Michael murders his older sister Judith (Hanna R. Hall), his mother's boyfriend Ronnie (William Forsythe), and Judith's boyfriend Steve (Adam Weisman). Only his baby sister, Angel Myers, is spared. After one of the longest trials in the state's history, Michael is found guilty of first-degree murder and sent to Smith's Grove Sanitarium under the care of child psychologist Dr. Samuel Loomis (Malcolm McDowell).
Michael initially cooperates with Loomis, claiming no memory of the killings; his mother Deborah (Sheri Moon Zombie), visits him regularly. Over the following year, Michael becomes fixated on his papier-mâché masks, closing himself off from everyone, even his mother. When Michael kills a nurse as Deborah is leaving from one of her visits, she can no longer handle the situation and commits suicide.
For the next fifteen years, Michael (Tyler Mane) continues making masks and not speaking to anyone. Loomis, having continued to treat Michael over the years, attempts to move on with his life and closes Michael's case. Later, Michael kills the sanitarium employees and escapes from Smith's Grove. He kills a truck driver for his clothes, and makes his way back to Haddonfield. On Halloween, Michael arrives at his now-abandoned childhood home, where he recovers the kitchen knife and Halloween mask he stored under the floorboards the night he killed his sister.
Meanwhile, Laurie Strode (Scout Taylor-Compton) and her friends Annie Brackett (Danielle Harris) and Lynda Van Der Klok (Kristina Klebe) prepare for Halloween. Throughout the day, Laurie witnesses Michael watching her from a distance before going to babysit Tommy Doyle (Skyler Gisondo). At Michael's childhood home, Lynda meets up with her boyfriend Bob Simms (Nick Mennell). Michael appears, murders them, and then heads to the Strode home, where he murders Laurie's parents, Mason (Pat Skipper) and Cynthia (Dee Wallace). Dr. Loomis, having been alerted of Michael's escape, comes to Haddonfield looking for Michael. After obtaining a handgun, Loomis attempts to warn Sheriff Leigh Brackett (Brad Dourif) that Michael has returned to Haddonfield. Loomis and Brackett head to the Strode home, with Brackett explaining along the way that Laurie is really Michael's sister, having been adopted by the Strodes following their mother's suicide.
Meanwhile, Annie convinces Laurie to babysit Lindsey Wallace (Jenny Gregg Stewart), a girl Annie is supposed to be watching, so that she can meet with her boyfriend Paul (Max Van Ville). Annie and Paul return to the Wallace home and have sex; Michael kills Paul and attacks Annie. Bringing Lindsey home, Laurie finds Annie on the floor, badly hurt but still alive, and calls the police. Michael attacks Laurie and chases her back to the Doyle home. Loomis and Brackett hear the 911 call over the radio and head toward the Wallace residence.
Michael kidnaps Laurie and takes her back to their old home. He tries to show Laurie that she is his sister, presenting a picture of them with their mother. Unable to understand, Laurie stabs Michael with his own knife before escaping the house; Michael chases her, but Loomis arrives and shoots him. Recovering, Michael recaptures Laurie before she can leave and heads back to the house. Loomis again intervenes, but Michael subdues him. Laurie takes Loomis' gun and runs upstairs, but Michael corners her on a balcony and charges her head-on, knocking both of them over the railing. Laurie finds herself on top of an unconscious Michael. Aiming Loomis' gun at his face, she fires just as Michael awakens.
Production[edit]
On June 4, 2006, Dimension announced that Rob Zombie, director of House of 1000 Corpses and The Devil's Rejects, would be creating the next installment in the Halloween film series.[4] The plan was for Zombie to hold many positions in the production; he would write, direct, produce, and serve as music supervisor.[4] Bob Weinstein approached him about making the film. Zombie, who was a fan of the original Halloween and a friend of John Carpenter, jumped at the chance to make a Halloween film for Dimension Studios.[4] Before Dimension went public with the news, Zombie felt obligated to inform Carpenter, out of respect, of the plans to remake his film.[5] Carpenter's request was for Zombie to "make it his own".[3] During a June 16, 2006 interview, Zombie announced that his film would combine the elements of prequel and remake with the original concept, and insisted that there would be considerable original content in the new film as opposed to mere rehashed material.[6] The BBC reported that the new film would disregard the numerous sequels that followed Halloween.[7]
The Myers house film location early March 2007 on Glendon Way in South Pasadena, California.
Zombie's intention was to reinvent Michael Myers because, in his opinion, the character, along with Freddy Krueger, Jason Voorhees, and Pinhead, had become more familiar to audiences, and as a result, less scary.[7][8] The idea behind the new film was to delve deeper into Michael's back story and add "new life" to the character.[6] Michael's mask will be given its own story, to provide an explanation as to why he wears it, instead of having the character simply steal a random mask from a hardware store, as in the original film.[9] Zombie explained that he wanted Michael to be true to what a psychopath really is, and wanted the mask to be a way for Michael to hide. He also wanted the young Michael to have charisma, which would be projected onto the adult Michael. In addition, he decided that Michael's motives for returning to Haddonfield would be more ambiguous, explaining, "[W]as he trying to kill Laurie, or just find her because he loves her?"[5]
Moreover, Michael would not be able to drive in the new film, unlike his 1978 counterpart who stole Loomis' car so that he could drive back to Haddonfield.[9] The Dr. Loomis character was also to be more intertwined with that of Michael; Zombie reasoned that the character's role in the original was "showing up merely to say something dramatic".[8] Although Zombie added more history to the Michael Myers character, hence creating more original content for the film, he chose to keep the character's trademark mask and Carpenter's theme song intact for his version (despite an apparent misinterpretation in an interview suggesting the theme would be ditched).[6] Production officially began on January 29, 2007.[10] Shortly before production began, Zombie reported that he had seen the first production of Michael's signature mask and commented, "It looks perfect, exactly like the original. Not since 1978 has The Shape looked so good".[11] Filming occurred in the same neighborhood that Carpenter used for the original Halloween.[9]
On December 19, 2006, Zombie announced to Bloody-Disgusting that Daeg Faerch would play the part of ten-year-old Michael Myers.[12] On December 22, 2006, Malcolm McDowell was officially announced to be playing Dr. Loomis.[13] McDowell stated that he wanted a tremendous ego in Loomis, who is out to get a new book from the ordeal.[9] On December 24, 2006, Zombie announced that Tyler Mane, who had previously worked with Zombie on The Devil's Rejects, would portray the adult Michael Myers.[14] Mane stated that it was very difficult to act only with his eyes.[15] Scout Taylor-Compton endured a long audition process, but as director Zombie explains, "Scout was my first choice. There was just something about her; she had a genuine quality. She didn't seem actor-y."[16] She was one of the final people to be cast for a lead role after Faerch, Mane, McDowell, Forsythe, and Harris.[17] A contest was held for a walk-on role in the film, at the time called Halloween 9; it was won by Heather Bowen.[18] She played a news reporter who covered Michael's arrest, but her scene was cut from the film and does not appear in the deleted scenes.[19]
Release[edit]
Approximately four days before the theatrical release of the film, a workprint version of Halloween appeared online and was circulated around various BitTorrent sites. Upon hearing of the leaked copy, Zombie stated that whatever version had been leaked was an older version of the film, unlike what was about to be released in theaters.[20] The leak of Zombie's workprint led to speculation that the film's box office success could be damaged, as director Eli Roth attributed the financial failure of his film, Hostel: Part II, to the leaking of a workprint version.[21] Dark Horizons webmaster Garth Franklin noted that watching the workprint allows a viewer to see what was changed after test screenings of the film in June 2007. For example, one particular scene—the rape of one of the Smith's Grove female inmates—was replaced in the final version.[22] Halloween was officially released on August 31, 2007, to 3,472 theaters in North America,[23] giving it the widest release of any of the previous Halloween films.[24]
Reception[edit]
Box office[edit]
On its opening day, Halloween grossed $10,896,610,[25] and immediately surpassed the opening weekend grosses for Halloween II (1981) at $7,446,508, Season of the Witch (1982) at $6,333,259, The Return of Michael Myers (1988) at $6,831,250, The Revenge of Michael Myers (1989) at $5,093,428, and The Curse of Michael Myers (1995) at $7,308,529.[24] From September 1–2, Halloween earned $8,554,661 and $6,911,096, respectively, for a 3-day opening weekend total of $26,362,367. The film would earn an additional $4,229,392 on Labor Day for a 4-day holiday weekend gross of $30,591,759,[25] making it the highest ever for that holiday.[26] As a result, the 2007 film would immediately surpass the total box office gross for Halloween II (1981) at $25,533,818, Halloween III (1982) at $14,400,000, Halloween 4 (1988) at $17,768,757, Halloween 5 (1989) at $11,642,254, The Curse of Michael Myers (1995) at $15,116,634, and Halloween: Resurrection (2002) with $30,354,442.[24]
Following its first Friday after its opening weekend, Halloween saw a 71.6% drop in attendance, earning $3,093,679.[25] The film, which earned the #1 spot at the box office in its opening weekend,[27] earned only $9,513,770 in its second weekend—a 63.9% decrease—but still claimed the #2 spot at the box office just behind 3:10 to Yuma.[28] The film continued to appear in the weekend top ten going into its third weekend, when it earned $4,867,522 to take sixth place.[29] It was not until the film's fourth weekend that it fell out of the top ten and into twelfth place with $2,189,266.[30] Halloween would fail to regain a top ten spot at the box office for the remainder of its theatrical run.[31]
Thanks to its opening weekend of $30.5 million, the film broke the box-office record for the Labor Day weekend, surpassing the record set in 2005 by Transporter 2 with $20.1 million.[32] It still currently resides as the top Labor Day weekend grosser.[33] Halloween was also the 8th highest-grossing R-rated film of 2007,[34] and finished out the year in 44th place for domestic box office gross.[35] With its $58 million box office gross, Halloween was the second highest-grossing film among the recent slasher remakes, taken over by A Nightmare on Elm Street (2010) with $63 million. However, it is third in the list which consists of When a Stranger Calls (2006) at $47.8 million, Black Christmas (2006) at $16.3 million, Prom Night (2008) at $43.8 million, My Bloody Valentine 3D (2009) with $51.4 million, and Friday the 13th (2009) leading the group with $60 million.[36] Halloween is also ranked eleventh overall when comparing it to all of the horror remakes,[37] as well as eighth place for all slasher films in general, in unadjusted dollars.[38]
In addition to the film's North American box office, it opened alongside Michael Clayton and Mr. Woodcock in foreign markets on the weekend of September 29, 2007. Halloween led the trio with a total of $1.3 million in 372 theaters – Michael Clayton and Mr. Woodcock took in $1.2 million from 295 screens and $1 million from 238 screens, respectively.[39] By November 1, 2007, Halloween had taken in an additional $7 million in foreign markets.[40] Ultimately, the film would earn approximately $21,981,879 overseas.[23] By the end of the film's theatrical run, the film had taken a worldwide total of $80,253,908.[41] Comparing this film to the rest of the films in the Halloween film series, Zombie's remake is the highest-grossing film in unadjusted US dollars.[24] When adjusting for the 2009 inflation,[42] Zombie's Halloween—which adjusts to $60.4 million domestically—is fourth, behind Carpenter's Halloween at $166.9 million, Halloween H20 at $73.8 million, and Halloween II at $66.7 million.[43]
Critical response[edit]
Based on 109 reviews collected by Rotten Tomatoes, Halloween received an average 25% overall approval rating based on 110 reviews, with the consensus "Rob Zombie doesn't bring many new ideas to the table in Halloween, making it another bloody disappointment for fans of the franchise."[44] By comparison, Metacritic, which assigns a weighted average score out of 100 to reviews from mainstream critics, calculated a 47 out of 100 from the 18 reviews it collected.[45] CinemaScore polls reported that the average grade cinemagoers gave the film was "B-minus" on an A+ to F scale; it also reported that 62% of the audience was male, with 57% being 25 years or older.[46]
Various critics thought that Malcolm McDowell was perfectly cast as Loomis.
Peter Hartlaub, of the San Francisco Chronicle, felt Zombie was successful in both "[putting] his own spin on Halloween, while at the same time paying tribute to Carpenter's film"; he thought Zombie managed to make Michael Myers almost "sympathetic" as a child, but that the last third of the film felt more like a montage of scenes with Halloween slipping into "slasher-film logic".[47] Nathan Lee of The Village Voice disagreed in part with Harlaub, feeling that Halloween may have placed too much emphasis on providing sympathy for Michael Myers, but that it succeeded in "[deepening] Carpenter's vision without rooting out its fear".[48] The film critic Matthew Turner believed the first half of the film, which featured the prequel elements of Michael as a child, were better played than the remake elements of the second half. In short, Turner stated that performances from the cast were "superb", with Malcolm McDowell being perfectly cast as Dr. Loomis, but that the film lacked the scare value of Carpenter’s original.[49] Jamie Russell from the BBC agreed that the first half of the film worked better than the last half; she stated that Zombie’s expanded backstory on Michael was "surprisingly effective"—also agreeing that McDowell was perfectly cast as Loomis—but that Zombie failed to deliver the "supernatural dread" that Carpenter created for Michael in his 1978 original.[50]
New York Daily News critic Jack Matthews believed the film lacked tension, and went more for cheap shocks—focusing more on enhancing the "imagery of violence"—than real attempts to scare the audience; he gave the film one and a half stars out of five.[51] Dennis Harvey, from Variety magazine, echoed Matthew's opinion that the film failed to deliver on the suspense; he also felt that you could not tell one teenage character from the next, whereas in Carpenter's original each teenager had real personalities.[52] In contrast, Rossiter Drake of The Examiner applauded Michael's backstory, feeling that it was a "compelling take on the mythology" that managed to be "unique" and "shocking" at the same time.[53] In agreement with other critics, Empire magazine's Kim Newman felt that, because Zombie seemed less focused on the teenagers being stalked and killed by Michael, the film "[fell] flat" when it came to delivering suspense or anything "remotely scary"; Newman did praise McDowell for his portrayal of the "dogged psychiatrist".[54] Ben Walter, of Time Out London, felt Zombie added "surprising realism" to the development of Michael Myers’ psychopathic actions, but agreed with Newman that the director replaced the original film’s "suspense and playfulness" with a convincing display of "black-blooded brutality".[55]
Frank Scheck, of the Hollywood Reporter, believed that even though Zombie's remake of Carpenter's Halloween was better than getting another sequel in the long running franchise it still was not comparable to the 1978 original. For Scheck, Zombie replaced Carpenter's building suspense, which made it so "brilliant", with graphic violence and extended scenes of nudity; he also criticized McDowell for lacking the intensity that Donald Pleasence brought to the Loomis character.[56] By contrast, TV Guide's Ken Fox felt that Zombie did deliver a "scary horror movie", not by copying Carpenter, but by making the film his own. Fox noted that Zombie seemed to follow more in the footsteps of Wes Craven and Tobe Hooper's "savage, greasy-haired '70s" films, which allowed him to bring Michael back to his roots and successfully terrify an audience which has grown accustomed to the recent "torture porn" horror films.[57] Bill Gibron, of PopMatters, believes that audiences and critics cannot compare Carpenter's film to Zombie's remake; where Carpenter focused more on the citizens of Haddonfield—with Michael acting as a true "boogeyman"—Zombie focuses more on Michael himself, successfully forcing the audience to experience all of the elements that Michael went through that would result in his "desire for death".[58]
Halloween won the Rondo Hatton Classic Horror Award for Best Film of 2007, drawing in 550 votes, the most ever in the history of the award.[59] The film also won the 'Best Remake Award' at the 2008 Spike TV Scream Awards.[60] Dan Mathews, vice president of PETA, sent Rob Zombie a thank-you letter for what he perceived as Zombie sending a message to audiences when he depicted the young Michael Myers torturing animals, something he felt demonstrated that people who commit acts of cruelty to animals are likely to move on to humans. Mathews went on to say, "Hopefully, with the attention focused by your movie on the link between cruelty to animals and human violence, more people will recognize the warning signs among people they know and deal with them more forcefully. We wish you continued success!"[61]
Home media[edit]
The film's soundtrack was released on August 21, 2007; it includes 24 tracks, consisting of 12 dialogue tracks and 12 instrumentals. The album contained both new tracks, as well as ones recycled from the original Halloween and its sequel. Tyler Bates' interpretation of John Carpenter's original Halloween theme is the first musical track, with "(Don't Fear) The Reaper," which appeared in the original Halloween, and "Mr. Sandman", which appeared in Halloween II and Halloween H20: 20 Years Later, performed by Nan Vernon.[62] Writing about its selection from the 1981 film, one reviewer for the BBC commented that it worked well to "mimic Laurie’s situation (sleeping a lot)", making "the once innocent sounding lyrics seem threatening in a horror film".[63] The album also includes Kiss's "God of Thunder", Rush's "Tom Sawyer", Alice Cooper's "Only Women Bleed", Peter Frampton's "Baby, I Love Your Way", Nazareth's "Love Hurts", Bachman–Turner Overdrive's "Let It Ride", Misfits' "Halloween II", and an Iggy Pop live version of The Stooges' "1969" among others.[64]
On December 18, 2007, the film was released on DVD in the United States; both the theatrical (110 minutes) and an unrated director's cut (121 minutes) were released as two-disc special editions containing identical bonus features.[65] The film was released on DVD in the UK on April 28, 2008, known as the "Uncut" edition.[66] On October 7, 2008, a three-disc set was released.[67] This Collector's Edition of Halloween features the same bonus features as the previous unrated edition, but includes Zombie's four-and-a-half-hour "making-of" documentary similar to the "30 Days in Hell" documentary for Zombie's The Devil's Rejects.[67]
References[edit]
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External links[edit]
Film portal
Wikiquote has quotations related to: Halloween (2007 film)
Official website
Halloween on IMDb
Halloween at Box Office Mojo
Halloween at Rotten Tomatoes
Halloween at Metacritic
[show]
v
t
e
Halloween
Films
Halloween (1978)
Halloween II (1981)
Halloween III: Season of the Witch
Halloween 4: The Return of Michael Myers
Halloween 5: The Revenge of Michael Myers
Halloween: The Curse of Michael Myers
Halloween H20: 20 Years Later
Halloween: Resurrection
Halloween (2007)
Halloween II (2009)
Characters
Michael Myers
Laurie Strode
Samuel Loomis
Jamie Lloyd
Annie Brackett
[show]
v
t
e
Rob Zombie
Rob Zombie
John 5
Piggy D
Ginger Fish
Mike Riggs
John Tempesta
Blasko
Tommy Clufetos
Joey Jordison
Studio albums
Hellbilly Deluxe (1998)
The Sinister Urge (2001)
Educated Horses (2006)
Hellbilly Deluxe 2 (2010)
Venomous Rat Regeneration Vendor (2013)
The Electric Warlock Acid Witch Satanic Orgy Celebration Dispenser (2016)
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Marginal product of labor
From Wikipedia, the free encyclopedia
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In economics, the marginal product of labor (MPL) is the change in output that results from employing an added unit of labor.[1]
Contents
[hide]
1 Definition
2 Examples
3 Marginal costs
4 Relation between MPL and APL
5 Diminishing marginal returns
6 MPL, MRPL and profit maximization
6.1 Example
7 Marginal productivity ethics
8 See also
9 Footnotes
10 References
Definition[edit]
The marginal product of a factor of production is generally defined as the change in output associated with a change in that factor, holding other inputs into production constant.
The marginal product of labor is then the change in output (Y) per unit change in labor (L). In discrete terms the marginal product of labor is:
Δ Y Δ L . {\displaystyle {\frac {\Delta Y}{\Delta L}}.}
In continuous terms, the MPL is the first derivative of the production function:
∂ Y ∂ L . {\displaystyle {\frac {\partial Y}{\partial L}}.} [2]
Graphically, the MPL is the slope of the production function.
Examples[edit]
Marginal product of labor table
There is a factory which produces toys. When there are no workers in the factory, no toys are produced. When there is one worker in the factory, six toys are produced per hour. When there are two workers in the factory, eleven toys are produced per hour. There is a marginal product of labor of five when there are two workers in the factory compared to one. When the marginal product of labor is increasing, this is called increasing marginal returns. However, as the number of workers increases, the marginal product of labor may not increase indefinitely. When not scaled properly, the marginal product of labor may go down when the number of employees goes up, creating a situation known as diminishing marginal returns. When the marginal product of labor becomes negative, it is known as negative marginal returns.
Marginal costs[edit]
The marginal product of labor is directly related to costs of production. Costs are divided between fixed and variable costs. Fixed costs are costs that relate to the fixed input, capital, or rK, where r is the rental cost of capital and K is the quantity of capital. Variable costs (VC) are the costs of the variable input, labor, or wL, where w is the wage rate and L is the amount of labor employed. Thus, VC = wL . Marginal cost (MC) is the change in total cost per unit change in output or ∆C/∆Q. In the short run, production can be varied only by changing the variable input. Thus only variable costs change as output increases: ∆C = ∆VC = ∆(wL). Marginal cost is ∆(Lw)/∆Q. Now, ∆L/∆Q is the reciprocal of the marginal product of labor (∆Q/∆L). Therefore, marginal cost is simply the wage rate w divided by the marginal product of labor
MC = ∆VC∕∆Q;
∆VC = w∆L;
∆L∕∆Q (the change in quantity of labor to effect a one unit change in output) = 1∕MPL.
Therefore MC = w ∕ MPL
Thus if the marginal product of labor is rising then marginal costs will be falling and if the marginal product of labor is falling marginal costs will be rising (assuming a constant wage rate).[3]
Relation between MPL and APL[edit]
The average product of labor is the total product of labor divided by the number of units of labor employed, or Q/L.[2] The average product of labor is a common measure of labor productivity.[4][5] The APL curve is shaped like an inverted “u”. At low production levels the APL tends to increase as additional labor is added. The primary reason for the increase is specialization and division of labor.[6] At the point the APL reaches its maximum value APL equals the MPL.[7] Beyond this point the APL falls.
During the early stages of production MPL is greater than APL. When the MPL is above the APL the APL will increase. Eventually the MPL reaches it maximum value at the point of diminishing returns. Beyond this point MPL will decrease. However, at the point of diminishing returns the MPL is still above the APL and APL will continue to increase until MPL equals APL. When MPL is below APL, APL will decrease.
Graphically, the APL curve can be derived from the total product curve by drawing secants from the origin that intersect (cut) the total product curve. The slope of the secant line equals the average product of labor, where the slope = dQ/dL.[6] The slope of the curve at each intersection marks a point on the average product curve. The slope increases until the line reaches a point of tangency with the total product curve. This point marks the maximum average product of labor. It also marks the point where MPL (which is the slope of the total product curve)[8] equals the APL (the slope of the secant).[9] Beyond this point the slope of the secants become progressively smaller as APL declines. The MPL curve intersects the APL curve from above at the maximum point of the APL curve. Thereafter, the MPL curve is below the APL curve.
Diminishing marginal returns[edit]
The falling MPL is due to the law of diminishing marginal returns. The law states, "as units of one input are added (with all other inputs held constant) a point will be reached where the resulting additions to output will begin to decrease; that is marginal product will decline."[10] The law of diminishing marginal returns applies regardless of whether the production function exhibits increasing, decreasing or constant returns to scale. The key factor is that the variable input is being changed while all other factors of production are being held constant. Under such circumstances diminishing marginal returns are inevitable at some level of production.[11]
Diminishing marginal returns differs from diminishing returns. Diminishing marginal returns means that the marginal product of the variable input is falling. Diminishing returns occur when the marginal product of the variable input is negative. That is when a unit increase in the variable input causes total product to fall. At the point that diminishing returns begin the MPL is zero.[12]
MPL, MRPL and profit maximization[edit]
The general rule is that a firm maximizes profit by producing that quantity of output where marginal revenue equals marginal costs. The profit maximization issue can also be approached from the input side. That is, what is the profit maximizing usage of the variable input? To maximize profits the firm should increase usage "up to the point where the input’s marginal revenue product equals its marginal costs". So, mathematically the profit maximizing rule is MRPL = MCL.[10] The marginal profit per unit of labor equals the marginal revenue product of labor minus the marginal cost of labor or MπL = MRPL − MCLA firm maximizes profits where MπL = 0.
The marginal revenue product is the change in total revenue per unit change in the variable input assume labor.[10] That is, MRPL = ∆TR/∆L. MRPL is the product of marginal revenue and the marginal product of labor or MRPL = MR × MPL.
Derivation:
MR = ∆TR/∆Q
MPL = ∆Q/∆L
MRPL = MR × MPL = (∆TR/∆Q) × (∆Q/∆L) = ∆TR/∆L
Example[edit]
Assume that the production function is Q = 90 L − L 2 {\displaystyle Q=90L-L^{2}} [10]
• M C L = 30 {\displaystyle MC_{L}=30}
• Output price is $40 per unit.
M P L = 90 − 2 L {\displaystyle MP_{L}=90-2L}
M R P L = 40 ( 90 − 2 L ) {\displaystyle MRP_{L}=40(90-2L)}
M R P L = 3600 − 80 L {\displaystyle MRP_{L}=3600-80L}
M R P L = M C L {\displaystyle MRP_{L}=MC_{L}} (Profit Max Rule)
3600 − 80 L = 30 {\displaystyle 3600-80L=30}
3570 = 80 L {\displaystyle 3570=80L}
L = 44.625 {\displaystyle L=44.625}
44.625 is the profit maximizing number of workers.
Q = 90 L − L 2 {\displaystyle Q=90L-L^{2}}
Q = 90 ( 44.625 ) − ( 44.625 ) 2 {\displaystyle Q=90(44.625)-(44.625)^{2}}
Q = 4016.25 − 1991.39 {\displaystyle Q=4016.25-1991.39}
Q = 2024.86 {\displaystyle Q=2024.86}
Thus, the profit maximizing output is 2025 units
• And the profit is
T R − T C = Π {\displaystyle TR-TC=\Pi }
Π = 40 ( 2025 ) − 30 ( 2025 ) {\displaystyle \Pi =40(2025)-30(2025)}
Π = 81 , 000 − 60 , 750 {\displaystyle \Pi =81,000-60,750}
Π = 20 , 250 {\displaystyle \Pi =20,250}
Some might be confused by the fact that L = 44.625 {\displaystyle L=44.625} as intuition would say that labor should be discrete. Remember, however, that labor is actually a time measure as well. Thus, it can be thought of as a worker not working the entire hour.
Marginal productivity ethics[edit]
In the aftermath of the marginal revolution in economics, a number of economists including John Bates Clark and Thomas Nixon Carver sought to derive an ethical theory of income distribution based on the idea that workers were morally entitled to receive a wage exactly equal to their marginal product. In the 20th century, marginal productivity ethics found few supporters among economists, being criticised not only by egalitarians but by economists associated with the Chicago school such as Frank Knight (in The Ethics of Competition) and the Austrian School, such as Leland Yeager.[13] However, marginal productivity ethics were defended by George Stigler.
See also[edit]
Marginal product of capital
Footnotes[edit]
Jump up ^ O'Sullivan, Arthur; Sheffrin, Steven M. (2003). Economics: Principles in Action. Upper Saddle River, NJ: Pearson Prentice Hall. p. 108. ISBN 0-13-063085-3.
^ Jump up to: a b Perloff, J., Microeconomics Theory and Applications with Calculus, Pearson 2008. p. 173.
Jump up ^ Pindyck, R. and D. Rubinfeld, Microeconomics, 5th ed. Prentice-Hall 2001.
Jump up ^ Nicholson, W. and C. Snyder, Intermediate Microeconomics, Thomson 2007, p. 215.
Jump up ^ Nicholson, W., Microeconomic Theory, 9th ed. Thomson 2005, p. 185.
^ Jump up to: a b Perloff, J., Microeconomics Theory and Applications with Calculus, Pearson 2008, p. 176.
Jump up ^ Binger, B. and E. Hoffman, Microeconomics with Calculus, 2nd ed. Addison-Wesley 1998, p. 253.
Jump up ^ Krugman, Paul; Robin Wells (2010). Microeconomics. Worth Publishers. p. 306. ISBN 978-1429277914.
Jump up ^ Perloff, J: Microeconomics Theory & Applications with Calculus page 177. Pearson 2008.
^ Jump up to: a b c d Samuelson, W. and S. Marks, Managerial Economics, 4th ed. Wiley 2003, p. 227.
Jump up ^ Hal Varian, Microeconomic Analysis, 3rd ed. Norton 1992.
Jump up ^ Perloff, J., Microeconomics Theory and Applications with Calculus, Pearson 2008, p. 178.
Jump up ^ "Can a Liberal Be an Equalitarian? Leland B. Yeager - Toward Liberty: Essays in Honor of Ludwig von Mises, vol. 2". Online Library of Liberty. 1971-09-29. Retrieved 2013-03-29.
References[edit]
Business and economics portal
Binger, B. and E. Hoffman, Microeconomics with Calculus, 2nd ed. Addison-Wesley 1998, ISBN 0-321-01225-9
Krugman, Paul, and Robin Wells (2009), Microeconomics 2d ed. Worth Publishers, ISBN 978-1429277914
Nicholson, W., Microeconomic Theory, 9th ed. Thomson 2005.
Nicholson, W. and C. Snyder, Intermediate Microeconomics, Thomson 2007, ISBN 0-324-31968-1
Perloff, J., Microeconomics Theory and Applications with Calculus, Pearson 2008, ISBN 978-0-321-27794-7
Pindyck, R. and D. Rubinfeld, Microeconomics, 5th ed. Prentice-Hall 2001. ISBN 0-13-019673-8
Samuelson, W. and S. Marks, Managerial Economics, 4th ed. Wiley 2003.
Varian, Hal, Microeconomic Analysis, 3rd ed. Norton 1992.
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Bank of Ireland
From Wikipedia, the free encyclopedia
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Not to be confused with Central Bank of Ireland.
Governor and Company of the Bank of Ireland
Type
Public company
Traded as
ISEQ: BIR
Industry
Finance
Founded
1783
Headquarters
Dublin, Ireland
Key people
Archie Kane, Governor, Richie Boucher, CEO
Products
Banking & Insurance products
Revenue
€2,974 million (2014)
Operating income
€1,301 million (2014)
Net income
€921 million (2014)
Number of employees
11,086 (2014)
Website
www.bankofireland.com
The Bank of Ireland (Irish: Banc na hÉireann) is a commercial bank operation in Ireland and one of the traditional 'Big Four' Irish banks.
Historically the premier banking organisation in Ireland, the Bank occupies a unique position in Irish banking history. At the core of the modern-day group is the old Bank of Ireland, the ancient institution established by Royal Charter in 1783.[1]
Contents
[hide]
1 History
1.1 Chronology of history
1.2 Role as government banker
1.3 Headquarters
2 Banking services
2.1 Republic of Ireland
2.2 International Operations
3 Banknotes
4 Controversies
4.1 Michael Soden
4.2 DIRT controversy
4.3 Stolen laptops
4.4 Record bank robbery
4.5 Wrong information on recapitalisation and bonuses
4.6 Relationship with outsourcing companies
4.7 Closing accounts associated with Palestine
5 2008 share price collapse
6 References
7 Sources
8 External links
History[edit]
Bank of Ireland is the oldest bank in continuous operation (apart from 4 closures due to bank strikes, 1950, 1966, 1970, 1976) in Ireland.
Chronology of history[edit]
The history is as follows:
1781 — the Bank of Ireland Act is passed by the Parliament of Ireland.[2]
1783 – 25 June 1783, the Bank of Ireland opened for business at Mary's Abbey (Off Capel St., Dublin) in a private house previously owned by one Charles Blakeney.[3]
1808 – 6 June 1808, Bank of Ireland moved to 2 College Green.[3]
1864 – Bank of Ireland first pays interest on deposits.[3]
1926 – The Bank of Ireland took control of the National Land Bank – a friendly society.[3]
1948 – The Bank of Ireland 1783–1946 by F.G. Hall was published jointly by Hodges Figgis (Dublin) and Blackwell's (Oxford).[4]
1958 – The Bank took over the Hibernian Bank Limited.[3]
1965 – The National Bank Ltd, a bank founded by Daniel O'Connell in 1835, had branches in Ireland and Britain. The Irish branches were acquired by Bank of Ireland and rebranded temporarily as National Bank of Ireland, before being fully incorporated into Bank of Ireland. The British branches were acquired by Williams & Glyn's Bank.[3]
1980 - The first Pass card and machine were open known as ATM.
1983 – Bank of Ireland Bi-Centenary. A commemorative stamp was issued. The Bank commissioned the publication of "An Irish Florilegium".[5]
1995 – Bank of Ireland merge First New Hampshire Bank with Royal Bank of Scotland's Citizens Financial Group[6]
1996 – Bank of Ireland buys the Bristol and West building society for €882m, which keeps its own brand.[7]
1999 – Merger talks with Alliance & Leicester were held and then called off.[8]
2000 – It is announced that Bank of Ireland is to acquire Chase de Vere.[9]
2002 – Bank of Ireland acquires Iridian, the US investment manager, which doubles the size of its asset management business.[10]
2005 – Bank of Ireland completes the sale of the Bristol and West branch and Direct Savings (Contact Centre) to Britannia Building Society.[11]
2008 – Moody's Investors Service changed its outlook on Bank of Ireland from stable to negative. Moody's pinpointed concerns over weakening asset quality and the impact of a more challenging economic environment on profitability at Bank of Ireland. A share price collapse followed.[12]
2009 – The Irish government announces a €7 billion rescue package for the bank and Allied Irish Banks plc in February.[13] Biggest bank robbery in the history of the state took place at Bank of Ireland at College Green. Consultants Oliver Wyman validated Bank of Ireland's bad debt levels at €6 billion over three years to March 2011, a bad debt level which was exceeded by almost €1 billion within a matter of months.[14][15]
2010 – The European Commission orders the disposal of Bank of Ireland Asset Management, New Ireland Assurance, ICS Building Society, its US Foreign Exchange business and the stakes held in the Irish Credit Bureau and in an American Asset Manager followed the receipt of Irish Government State aid.[16]
2011 – The Securities Services Division is sold to Northern Trust Corporation.[17][18]
2013 Bank of Ireland more than doubles interest rates on mortgages tracking the Bank of England rates, (which have remained stable for four years), citing the need to hold more reserves and the 'increased cost of funding mortgages'. Described by Ray Boulger of broker John Charcol as 'having shot the reputation of its mortgages to smithereens', nevertheless the bank continues to offer highly competitive mortgages through the Post Office.[19]
2014 - Regulation of the bank will transfer to the European Central Bank[20]
2014 - Enters marketing alliance with EVO Payments International and re-enters the card acquiring market. BOI Payment Acceptance launches in December 2014.[21]
Role as government banker[edit]
The Bank of Ireland is not, and was never, the Irish central bank. However, as well as being a commercial bank – a deposit-taker and a credit institution – it performed many central bank functions, much like the earlier-established Bank of Scotland and Bank of England. The Bank of Ireland operated the Exchequer Account and during the nineteenth century acted as something of a banker of last resort. Even the titles of the chairman of the board of directors (the Governor) and the title of the board itself (the Court of Directors) suggest a central bank status. From the foundation of the Irish Free State in 1922 until 31 December 1971, the Bank of Ireland was the banker of the Irish Government.[3]
Headquarters[edit]
The former House of Lords entrance to Parliament House on Westmoreland Street, Dublin
The headquarters of the bank until the 1970s was the impressive Parliament House on College Green, Dublin. This building was originally designed by Sir Edward Lovett Pearce in 1729 to host the Irish Parliament, and it was the world's first purpose-built bicameral parliament building.[22]
The bank had planned to commission a building designed by Sir John Soane to be constructed on the site bounded by Westmoreland Street, Fleet Street, College Street and D'Olier Street (now occupied by the Westin Hotel). However, the project was cancelled following the Act of Union in 1800, when the newly defunct Parliament House was bought by the Bank of Ireland in 1803.[23] The former Parliament House continues today as a working branch. Today, visitors can still view the impressive Irish House of Lords chamber within the old headquarters building. The Oireachtas, the modern parliament of the Republic of Ireland, is now housed in Leinster House in Dublin. In 2011, the Irish Government set out proposals to acquire the building as a venue for the state to use as a cultural venue.[24]
In the 1970s the bank moved its headquarters to a modern building on Lower Baggot Street, Dublin 2. As Frank McDonald notes in his book Destruction of Dublin, when these headquarters were built, it caused the world price of copper to rise – such was the usage in the building.[25]
New headquarters at 40 Mespil Road, Dublin 4
In 2010 the bank moved to a new, smaller headquarters on Mespil Road.[26]
Banking services[edit]
Republic of Ireland[edit]
Former Headquarters on Lower Baggot Street until 2010
The Group provides a broad range of financial services in Ireland to the personal, commercial, industrial and agricultural sectors. These include checking and deposit services, overdrafts, term loans, mortgages, international asset financing, leasing, instalment credit, debt financing, foreign exchange facilities, interest and exchange rate hedging instruments, executor and trustee services.[27]
International Operations[edit]
The bank is headquartered in Dublin, and has operations throughout the Republic of Ireland. It also operates in Northern Ireland, where it prints its own banknotes in Pounds Sterling (see section on banknotes below). In Great Britain, the bank expanded largely through the takeover of the Bristol and West Building Society in 1996. Bank of Ireland also provides financial services for the British Post Office throughout the UK. Operations in the rest of the world are primarily undertaken by Bank of Ireland Corporate Banking who provide services in France, Germany, Australia and the United States.
Banknotes[edit]
A £5 sterling note issued by Bank of Ireland in Northern Ireland
Main article: Banknotes of the Bank of Ireland (Northern Ireland)
See also: Banknotes of Northern Ireland and Banknotes of the pound sterling
Although the Bank of Ireland is not a central bank, it does have Sterling note-issuing rights in the United Kingdom. While the Bank has its headquarters in Dublin, it also has operations in Northern Ireland, where it retains the legal right (dating from before the partition of Ireland) to print its own banknotes. These are pound sterling notes and equal in value to Bank of England notes, and should not be confused with banknotes of the former Irish pound.
The obverse side of Bank of Ireland banknotes features the Bank of Ireland logo, below which is a line of heraldic shields each representing one of the six counties of Northern Ireland. Below this is a depiction of a seated Hibernia figure, surrounded by the Latin motto of the Bank, Bona Fides Reipublicae Stabilitas ("Good Faith is the Cornerstone of the State"). [28] The current series of £5, £10 and £20 notes, issued in April 2008, all feature an illustration of the Old Bushmills Distillery on the reverse side. Prior to 2008, all Bank of Ireland notes featured an image of the Queen's University of Belfast on the reverse side.[29][30][31]
The principal difference between the denominations is their colour and size:
5 pound note, blue
10 pound note, pink
20 pound note, green
50 pound note, blue-green
The Bank of Ireland does not issue banknotes in the Republic of Ireland. Section 60 of the Currency Act 1927 removed the right of Irish banks to issue banknotes, however "consolidated banknotes", of a common design issued by all "Shareholder Banks" under the Act, were issued between 1929 and 1953. These notes were not legal tender.[32]
Controversies[edit]
Michael Soden[edit]
Michael Soden abruptly quit as group chief executive on 29 May 2004 when it was discovered that adult material that contravened company policy was found on his Bank PC.[33] Soden issued a personal statement explaining that the high standards of integrity and behaviour in an environment of accountability, transparency and openness, which he espoused, would cause embarrassment to the Bank.[34]
DIRT controversy[edit]
An IR£30.5 million tax arrears liability was settled by Bank of Ireland in July 2000. The Bank told the Oireachtas Public Accounts Committee Inquiry that its liability was in the region of £1.5 million. The settlement figure was 'dictated' by the Revenue Commissioners following an audit by the Commissioners.[35] It was in Bank of Ireland that some of the most celebrated of the "celebrated cases" of non-compliance and bogus non-resident accounts have to date been discovered and disclosed. Thurles, Boyle, Roscrea (1990), Milltown Malbay (1991), Dundalk (1989/90), Killester (1992), Tullamore (1993), Mullingar (1996), Castlecomer, Clonmel, Ballybricken, Ballinasloe, Skibbereen (1988), Dungarvan and, disclosed to the Oireachtas Public Accounts Sub-Committee, Ballaghaderreen (1998) and Ballygar (1999). The Public Accounts Sub-Committee Inquiry concluded that "the most senior executives in the Bank of Ireland did seek to set an ethical tone for the bank and unsuccessfully sought Revenue Commissioners assistance to promote an industry-wide Code of Practice.[36]
Stolen laptops[edit]
In April 2008 it was announced that four laptops with data pertaining to 10,000 customers[37] were stolen between June and October 2007. This customer information included names, addresses, bank details, medical and pension details.[38]
The thefts were initially reported to the Garda Síochána, however the Banks senior management did not know about the problem until February 2008 after an internal audit uncovered the theft and the Bank did not advise the Data Protection Commissioner and the Central Bank of Ireland until mid-April 2008. It also came to light that none of the laptops used encryption to protect the sensitive data. The Bank has since released a press release detailing the seven branches affected and its initial response,[39] later in the month the Bank confirmed that 31,500 customer records were affected as well as an increased number of branches.[40]
Record bank robbery[edit]
Main article: Bank of Ireland robbery
On 27 February 2009 it was reported that a criminal gang from Dublin had stolen €7 million from the Bank of Ireland's main branch in College Green. The robbery was the biggest in the history of the Republic of Ireland, during which a girlfriend of an employee, her mother and her mother's five-year-old granddaughter were held hostage at gunpoint. Gardaí arrested six men the next day, and recovered €1.8 million. A spokesperson for the bank said: "Bank of Ireland's priority is for the safety and well-being of the staff member and the family involved in this incident and all of the bank's support services have been made available to them."[41]
Wrong information on recapitalisation and bonuses[edit]
The information provided to the Department of Finance in 2009 in advance of a recapitalisation of the bank which cost the taxpayer €3.5 billion "was incomplete and misleading". It also gave wrong information to the Minister for Finance who in turn misled the Dáil on €66 million in bonuses it paid since receiving a State guarantee. External examiners found it used "a restrictive and uncommon interpretation of what constituted a performance bonus".[42] Their report also found that there had been "a catalogue of errors" and that the information supplied by Bank of Ireland to the Department of Finance was "presented in a manner which minimised the level of additional payments made".[43] The Bank paid €2 million by way of compensation to the Exchequer for providing "misleading" information.[44][45][46]
Relationship with outsourcing companies[edit]
The Bank has forged strong links with IT outsourcing companies since 2004 or earlier. On 1 November 2010 IBM won the $450M full scope outsource contract to manage BoI Group's Information Technology (IT) infrastructure services (e.g. mainframe, servers, desktops and print services) in a competitive bid against HP (the incumbent outsource provider) and HCL. This follows on from the Bank's natural expiration of its current agreement with HP, which was signed in 2004.
Following a competitive bid process with a number of parties, IBM was selected for exclusive contract negotiations in July 2011. During the intervening period, an extensive due diligence phase has been undertaken and relevant regulatory approval has been granted. IBM will manage the Group's entire IT infrastructure, including desktop systems, servers, mainframes, local area networks and service desk.[47] Since then, BOI has given HCL a €30m Business Process Outsourcing contract and has selected them as strategic local resourcing partner in Ireland. In addition to that, HCL have opened a software factory for Bank of Ireland in India and has started to outsource production support for the retail banking and payments applications in BOI.[48] This exclusive relationship with HCL has been seen as controversial in the context of the substantial Irish taxpayer investment in Bank of Ireland – and the lack of any significant investment by HCL in Ireland. A banking analyst said in July 2011 that BOI's IT system is "very antiquated."[49]
Closing accounts associated with Palestine[edit]
Bank of Ireland closed the accounts of Irish Palestine Solidarity campaign citing that the bank considered Palestine a high risk country. Sinn Féin TD Mary-Lou McDonald called this outrageous and an insult to the Palestinian people. [50]
2008 share price collapse[edit]
On 5 March 2009, the shares reached €0.12 during the day, thereby reducing the value of the company by over 99% from its 2007 high. At the 2009 AGM, shareholders criticised the performance of their Auditors, PriceWaterhouseCoopers.[51]
The Central Bank told the Oireachtas Enterprise Committee that shareholders who lost their money in the banking collapse are to blame for their fate and got what was coming to them for not keeping bank chiefs in check, but did admit that the Central Bank had failed to give sufficient warning about reckless lending to property developers.[52]
References[edit]
Jump up ^ "Banks need fresh €24 billion – Central Bank". RTÉ News. 31 March 2011. Archived from the original on 3 April 2011. Retrieved 31 March 2011.
Jump up ^ Bank of Ireland Act 1781 (Public Act No. 16 of 1781). Act of the Irish Parliament.
^ Jump up to: a b c d e f g Bank of Ireland: History
Jump up ^ The Economic Journal, Vol. 60, No. 237, March 1950
Jump up ^ An Irish Florilegium II
Jump up ^ Citizens, First NH Announce Merger Plans AP, 18 December 1995
Jump up ^ After 158 years, the end is nigh for Bristol & West The Guardian, 10 January 2009
Jump up ^ Alliance & Leicester scraps Bank of Ireland merger plans Money Marketing, 18 June 1999
Jump up ^ Ireland bank buys Chase de Vere The Telegraph, 29 July 2000
Jump up ^ Bank of Ireland AM moves into US by buying Iridian IPE, 16 May 2002
Jump up ^ Britannia to acquire Bristol & West The Guardian, 24 May 2005
Jump up ^ Bank of Ireland shares plummet to 83 cent RTÉ News, 30 January 2009
Jump up ^ Irish Times on rescue package Feb 2009
Jump up ^ "The Sunday Business Post". Thepost.ie. Archived from the original on 1 October 2011. Retrieved 22 December 2012.
Jump up ^ Capital Raising Announcement and Interim Management Statement 12 February 2009
Jump up ^ "EU Restructuring Plan – Bank of Ireland ROI" (PDF). Bankofireland.com. Retrieved 22 December 2012.
Jump up ^ "The Governor and Company of the Bank of Ireland Sale of Bank of Ireland Securities Services – Press Releases – Press Room – About Bank of Ireland Group – Bank of Ireland ROI". Bankofireland.com. 24 February 2011. Retrieved 22 December 2012.
Jump up ^ Brennan, Joe; Doyle, Dara (24 February 2011). "Bank of Ireland to Sell Fund Services Arm to Northern Trust". Bloomberg.
Jump up ^ The Guardian 02.03.13
Jump up ^ "The list of significant supervised entities and the list of less significant institutions" (PDF). European Central Bank. 4 September 2014. Retrieved 4 October 2014.
Jump up ^ https://www.bankofireland.com/about-bank-of-ireland/press-room/press-releases/item/435/bank-of-ireland-signs-major-long-term-deal-with-evo-payments-international/#september
Jump up ^ "Architecture Group – Irish Parliament Building". Archived from the original on 12 August 2011. Retrieved 24 May 2011. Bank of Ireland, College Green ... is the world's first purpose-built two-chamber parliament house.
Jump up ^ "The House of Lord's Dublin". Retrieved 24 May 2011. The Parliament House was purchased by "The Bank of Ireland" in 1803.
Jump up ^ Paul Cullen (14 May 2011). "Government wants to repossess landmark College Green bank". Irish Times. Retrieved 14 May 2011.
Jump up ^ McDonald, p. 111
Jump up ^ TV3 News. 11 August 2010
Jump up ^ Bank of Ireland: Personal Banking Archived 6 January 2016 at the Wayback Machine.
Jump up ^ "Bank Notes: £5 note Bushmills 2013 Series". Bank of Ireland. Archived from the original on 17 July 2015. Retrieved 30 March 2016.
Jump up ^ "Bank Notes". Bank of Ireland. Archived from the original on 20 March 2016. Retrieved 30 March 2016.
Jump up ^ "Bank of Ireland to feature Old Bushmills Distillery on new Northern Ireland note issue". Bank of Ireland. 11 February 2008. Archived from the original on 8 March 2016. Retrieved 30 March 2016.
Jump up ^ "Bank raises glass to famous drink". BBC News. 23 April 2008. Retrieved 30 October 2008.
Jump up ^ Currency Act 1927 Archived 3 March 2016 at the Wayback Machine.
Jump up ^ "Bank of Ireland chief quits over PC porn". The Register. 1 June 2004. Archived from the original on 14 July 2006. Retrieved 15 August 2006.
Jump up ^ "Personal statement by Michael D. Soden Group Chief Executive Bank of Ireland" (PDF). Michael D. Soden. 29 May 2004.
Jump up ^ "Revenue set to claw back bonanza in unpaid taxes". The Irish Times. 6 July 2000. [dead link]
Jump up ^ "Public Accounts Committee Parliamentary Inquiry into DIRT". 27 September 1999.
Jump up ^ Data theft involving 10,000 bank records RTÉ News, 21 April 2008
Jump up ^ BoI kept quiet about stolen client details since February Irish Independent, 23 April 2008
Jump up ^ Bank of Ireland Life – Customer Update on Stolen Laptops Archived 19 November 2010 at the Wayback Machine. Bank of Ireland Press Room, 22 April 2008
Jump up ^ Bank of Ireland Life – Update on Stolen Laptops Archived 19 November 2010 at the Wayback Machine. Bank of Ireland Press Room, 28 April 2008
Jump up ^ BKidnap gang steals €7 million from Bank of Ireland Times Online, 27 February 2009
Jump up ^ Collins, John (7 March 2011). "Bonus row shows Bank of Ireland is no better than rest". The Irish Times.
Jump up ^ "The Great Escape". Irish Independent. 16 April 2011.
Jump up ^ 3 March 2011 – 18:42:23. "Investigation exposes Bank of Ireland bonus payments". BreakingNews.ie. Retrieved 22 December 2012.
Jump up ^ "BoI paid €66m in bonuses from 2008–2010". RTÉ News. 4 March 2011.
Jump up ^ "Bank of Ireland Statement on Bonuses – Press Releases – Press Room – About Bank of Ireland Group – Bank of Ireland ROI". Bankofireland.com. 4 March 2011. Retrieved 22 December 2012.
Jump up ^ "Bank of Ireland shortlists IBM, HCL for $600-mn outsourcing deal". The Times of India. 2 June 2010.
Jump up ^ "The Sunday Business Post". Sbpost.ie. Retrieved 22 December 2012.
Jump up ^ "The Sunday Business Post". Sbpost.ie. Retrieved 22 December 2012.
Jump up ^ http://www.rte.ie/news/2016/1002/820919-ireland-palestine-banking. Missing or empty |title= (help)
Jump up ^ O'Farrell, Stephen (4 July 2009). "Anger smoulders but the fury has gone". Irish Independent.
Jump up ^ Leinster Rugby Calendar 2013. "Top official says shareholders to blame for the banking crisis – News, Frontpage". Herald.ie. Retrieved 22 December 2012.
Sources[edit]
McDonald, Frank (1985). The destruction of Dublin. Gill and Macmillan. ISBN 978-0717113866.
External links[edit]
Official Republic of Ireland Site
Official Northern Ireland Site
Official Great Britain Site
BOI Payment Acceptance Official Site
Historical banknotes of the Bank of Ireland (in English) (in German)
Documents and clippings about Bank of Ireland in the 20th Century Press Archives of the German National Library of Economics (ZBW).
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