Bank of Ireland slid backwards in early trading this morning, giving up as much as 4.2 cent as broker Nomura cut its rating from buy to neutral.

Citing a lack of positive catalysts ahead, the broker advised shareholders to take their profit in the stock. Last year Bank of Ireland advanced by 121 per cent.

The broker added that the bank’s December share sale did not raise enough capital and said that the possibility of “significant provisions” remains.

(Additional reporting Bloomberg)