Saturday 22 July 2017

Directors at BoI hold loans of over €10m

Chief executive Richie Boucher had loans with the
bank totalling almost €1m
Chief executive Richie Boucher had loans with the bank totalling almost €1m

Emmet Oliver Deputy Business Editor

Directors and senior executives at Bank of Ireland have taken loans out with the bank worth €10.4m, and lodged deposits of over €20m with the bank, filings from the United States reveal.

Chief executive Richie Boucher had loans with the bank totalling almost €1m, with €708,000 described as "other loans'' and €235,000 in mortgage loans, leaving Mr Boucher with €946,000 at the end of 2009, the filings show.

Other directors Jerome Kennedy and Des Crowley had loans out with the bank, mainly mortgages.

Mr Crowley had loans at the end of 2009 of €646,000, with Mr Kennedy maintaining a loan balance of almost €1.4m.

One of the largest non-mortgage loans was current chairman Pat Molloy who had loans with the group of €507,000.

Several directors and executives had no loans with the group, according to the filings, among them David Dilger, Rose Hynes and Dennis Holt.

Pension

The information, lodged with the Securities and Exchange Commission in recent days, takes account of the recent decision taken by Mr Boucher to waive a controversial pension top-up.

It also shows that the director's loans were spread over 20 key management personnel but, unlike Anglo Irish Bank, none of the loans were impaired or behind schedule. All loans were advanced on normal commercial terms, the bank made it clear.

At the end of April 2009 key figures at the bank were sitting on deposits of €17.9m, but by December this had risen to €20.5m. At no point did the level of indebtedness rise above the level of deposits lodged with the bank.

The bank has recently improved its procedures for tracking loans and deposits related to directors and senior executives.

"There are no provisions in respect of any failure or anticipated failure to repay any of the above loans or interest thereon,'' the filings made clear.

Irish Independent

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