Tuesday 6 December 2016

Bank chief Boucher increases his share stake in BOI

Published 28/03/2016 | 02:30

Richie Boucher, Group Chief Executive pictured at the announcement of Bank of Ireland Group's Interim results to the end of June 2015. Photo: Frank Mc Grath
Richie Boucher, Group Chief Executive pictured at the announcement of Bank of Ireland Group's Interim results to the end of June 2015. Photo: Frank Mc Grath

Bank of Ireland chief executive Richie Boucher acquired around 190,000 shares in the part State-owned lender last month, marking the first time in almost five years that he has increased his stock position.

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Mr Boucher moved on the shares when they were valued at 25.97 cent per share.

It is the first time that Mr Boucher's stock holding has changed since the third quarter of 2011. He now holds around 570,000 shares.

The bank's stock has taken a battering since late last year, falling from 36 cents at the end of November to as low as 24 cents on February 24. They're now worth around 26 cents.

In a stock exchange announcement, the bank said Mr Boucher had acquired around 190,000 shares on February 22, at a price of 25.97 cent per share.

Mr Boucher's stock acquisition was not recorded in the bank's latest annual report, which only took into account share movements up to February 15.

The annual report for the bank for last year also shows that Mr Boucher's gross remuneration stood at €961,000.

The report shows that Mr Boucher waived €17,000 of his salary last year.

He had been waiving a portion of his salary each year since 2009, but this ceased in March 2015.

In 2014, he waived €118,000 of his remuneration, made up of both salary and pension entitlements. The report also shows that 23,000 share options held by Mr Boucher lapsed during last year.

They had an exercise price of €12.85.

Group chief financial officer Andrew Keating received an annual salary of €429,000 last year, while Archie Kane received a non-pensionable salary of €394,000 for his role as Governor.

No bonuses were awarded last year.

The country's biggest bank last month reported a 30pc increase in profits to €1.2bn for 2015.

Bank of Ireland has said that it will resume payment of a modest shareholder dividend in 2017.

The plan is to gradually increase shareholder pay-outs to half of earnings over a number of years, Mr Boucher has said.

Irish Independent

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