Bank of Ireland shares fell 15 per cent yesterday after a miserable first quarter trading update.  It announced it was setting aside €250 million to cover a wave of defaults and bankruptcies from Covid-19. It also announced new lending was 37% lower, net interest margins had fallen from 2.10 to 2.07 per cent. Why did the shares drop 15 per cent on the day, and why have they fallen so much more than the benchmark Eurostoxx Europe Banks Index since January? Bank of Ireland’s Covid-19 impairments are not to blame for its underperformance against the European banks, or for its…

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