Bank of Ireland Global Markets is looking to expand its structuring desk to cover commodities and niche underlyings, such as inflation and property. Brian Vaughan, head of the structured business desk in Dublin, said the bank is looking to add two staffers to its six-strong team, which sits in the bank's treasury department. The structuring group has concentrated on equity and interest rate-linked instruments for the last two years, but internal subsidiaries are increasingly looking for a wider range of products, said Vaughan.
Bristol & West a U.K.-based thrift is one Bank of Ireland subsidiary's with a taste for innovation. Last week the group announced it is using a weather derivative in its latest savings product to provide an additional payout if there is snow on Christmas day. Bristol & West was also the first distributor to launch a savings product structured with equity-default swaps (DW, 5/30).
In addition, the Bank of Ireland has a joint venture with the U.K. Post Office to offer structured products through its branches.