When Bank of Ireland’s full-year 2019 results came out yesterday morning, the share price immediately crashed four and a half per cent.  A drop like that normally means results have missed badly, far below the expectation of the market. It would be particularly bad for a company like Bank of Ireland, which assiduously guides expectations. A quick scan of the results showed that profits were down, impairments were bigger than expected, and guidance for 2020 wasn’t looking good.  It’s only when I read across to other Irish and European bank stocks that I realised what was really going on. As…

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