To understand Bank of Ireland’s 2021 results, released yesterday, it makes sense to go back to August of 2020.  August of 2020 was Bank of Ireland’s first set of interim results since the onset of Covid. It’s easily forgotten what a stressful and uncertain time it was for financial markets. Investors were seriously weighing up the chance of a financial meltdown. Banks were trying to figure out how what percentage of their outstanding loans would ever be repaid. Bank and AIB took a super aggressive approach. In August, they wrote down 1.9 and 2.4 per cent of their loan books,…

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