Diocese of Meath takes major hit following bank share price collapse

The Diocese of Meath has lost hundreds of thousands of euro from investments in bank shares, it has emerged. St Finian’s Diocesan Trust in Mullingar, which operates the finances of the Catholic diocese, invested in shares in Allied Irish Bank and Bank of Ireland, according to figures published in recent weeks. These shareholdings have plummeted in value following the collapse of the financial and banking system in the country. The trust owns 19,420 shares in Allied Irish Bank which, at their highest value, were worth €446,660. They are worth just €6,797 today. The trust is also listed as owning 2,880 shares, which dropped from €66,240 at the height of their value, to €1,008. The diocesan trust also had shareholdings in Bank of Ireland, according to figures published last week. A shareholding of 542,542 was worth €10,145,535 at its height, but is now worth €271,271. A separate holding of 31,891 shares dropped from €598,044 to €15,990, while a holding in the name of St Finian’s List of the Dead of 19,670 dropped from €340,291 to €9,835. The trust also holds 5,850, which were valued at €109,395 and are now worth €2,925. Also included on the list is the PP of Dunshaughlin, with a holding of 10,355 shares, which were once worth €193,638 and are now valued at €5,177. Numerous church bodies, both Catholic and Church of Ireland, have invested in bank shares, as have the trustees of the Charlton Endowments, Headfort, Kells, who have 61,661 shares in Bank of Ireland, which were once valued at €1,292,544. They are now listed at €34,560. Dunboyne native Dublin-based TD Richard Bruton, the former Fine Gael deputy leader, also has shares in the two major banks. In Bank of Ireland, his shares have dropped from €123,513 at their peak to €3,302. His AIB shares have dropped from €17,319 to €263.