Irish bank walks out on Remnant

THE Bank of Ireland has backed out of a deal to help Remnant Media fund the £20m purchase of 45 adult magazines from Daily Express owner Richard Desmond, following a flurry of consumer protests.

Customers threatened to boycott the bank after Irish womens' groups and the Catholic Church united in opposition over its support for 'the pornography industry'.

Desmond's Northern & Shell company said it is not affected because it has already received the cash for the titles. It said: 'Remnant paid the full sum of money a fortnight ago.'

Remnant, run by Simon Robinson, a former Mirror Newspapers executive and Sunday Express financial journalist, said it was still considering a share float on the Alternative Investment Market, but refused to discuss its financial backers.

Bank of Ireland said it was never an investor in Remnant, but had helped arrange a loan with 'another large financial institution'. The bank said it had not intended to cause offence. It has told Remnant it does not wish to continue with its participation in the deal.