CURRENT ACCOUNT: Bank of Ireland's dogged pursuit of Abbey National has raised questions about its court of directors' strategic sense. Investors have made it clear they are confused about the strategy being mapped out for the bank and they do not believe it can succeed in acquiring Abbey National.

Many questions have also been asked about the advisers who seem to have sent them on a very expensive wild goose chase.

In three days Bank of Ireland shareholders watched the share price plunge, with more than €1.5 billion wiped off the bank's stock market valuation.

The stock markets now have effectively written off the bank's chances of establishing meaningful talks with Abbey, yet the court of directors is not for turning.

Its next move will be to publish details of the offer sent to Abbey National chairman Lord Burns in a last-ditch attempt to force the British former building society to take it seriously.

It's a very aggressive stance for the conservative men and women who sit on the court. It is also a brave move for a relatively small financial institution and has been greeted with disbelief and exasperation by the markets.

Many are now scratching their heads and wondering what has changed at the upper echelons of the Republic's second-biggest bank. The first sign of a culture shift was seen when it opted to appoint former National Australia Bank executive Mr Michael Soden as its chief executive.

Since his arrival, he has talked about Bank of Ireland merging with AIB and is now associated with the move to take over Abbey National. Mr Soden obviously impressed the court with his plans to grow the Bank of Ireland group but investors are wondering how sound his thinking is in that regard given his two recent choices for a merger.

In recent years the court has taken on some new blood, including Esat founder Mr Denis O'Brien, the youngest non-executive director and known for his aggressive style.

Others, such as former Elan chief executive Mr Donal Geaney and the governor, Mr Laurence Crowley, know of the great pain inflicted by the markets when a company is out of favour, yet Bank of Ireland appears to be ignoring the negative sentiment that surrounds it.

The strongest voice on this issue should be that of former chief executive Mr Maurice Keane, whose credibility and judgment was so severely criticised following the bank's botched attempt to merge with Alliance & Leicester three years ago.

The court will have to work hard to restore investors confidence after this fiasco.