Bank of Ireland puts 2019 dividend on ice

DUBLIN (Reuters) - Bank of Ireland on Monday said it would not proceed with a dividend of 17.5 cent per share for the year ended December 2019 following a recommendation of the European Central Bank.

"In light of the evolving COVID-19 pandemic and following the recommendation of the European Central Bank (ECB) of 27 March 2020 on dividend distributions for all significant institutions during the COVID-19 pandemic, the Group will not be proceeding with this proposed dividend," the bank said.

The bank also warned that its outlook for 2020 published on Feb. 24 should therefore no longer be considered current in these circumstances.

(Reporting by Graham Fahy; Editing by Toby Chopra)