Cash-Strapped Bank of Ireland Auctions Off its Art Stockpile at Dublin’s Shelbourne Hotel

DUBLIN (AP).- Bank of Ireland has raised euro1.5 million ($2 million) in a sale of its prized Irish art works, auctioneers said Thursday, but the money won’t be used to shore up the troubled lender amid the country’s economic gloom. Adam’s auction house said 144 works sold Wednesday night, when more than 500 people packed into the glitzy ballroom of Dublin’s Shelbourne Hotel, hours after the government announced the toughest budget cuts in the country’s history. The event highlighted the resiliency and quirkiness of Ireland, where for decades wealth was kept hidden under the mattress — and where savers once again are seeking a haven safer than the country’s crippled banks. It also provided a lightning rod for people disgusted by how Ireland’s banks brought the country to ruin, are on course to receive billions more from an international loan, yet cling to their own staggering private wealth. “The banks have mismanage

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