Bank of Ireland is a big, old, blue-chip company. Big companies tend to be more stable than small ones. Why did its share price drop 11 per cent on the publication of its 2023 full-year results? Every bank’s profit is a function of interest rates. Higher rates make the business of money lending more profitable. That’s particularly true of Bank of Ireland, which makes relatively little of its profit from businesses other than money lending.  It is true that banks borrow money as well as lend it. So the increase in rates doesn’t go directly into their back pocket. But…

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