Tuesday 6 December 2016

It's time BoI directors put their money where their mouths are

Shane Ross

Published 01/05/2016 | 02:30

SHARES: Bank of Ireland chairman Archie Kane at the bank’s AGM in UCD last week. Photo: Frank McGrath
SHARES: Bank of Ireland chairman Archie Kane at the bank’s AGM in UCD last week. Photo: Frank McGrath

Congratulations to Bank of Ireland governor Archie Kane. Congratulations to Bank of Ireland boss Richie Boucher. Congratulations to Bank of Ireland director Kent Atkinson. Congratulations to Bank of Ireland director Fiona Muldoon. Congratulations to Bank of Ireland directors...

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Congratulations were heaped on Bank of Ireland directors at the AGM last Thursday. Mostly by themselves. They boasted of the strong capital base, increased profits, the repayments to the State and the prospects of a dividend. It has been a great year for Bank of Ireland. The future is even brighter. Or so they said on Thursday when they gave themselves a great welcome at the annual meeting of misery in the O'Reilly Hall in University College, Dublin.

Such self praise is not shared by the cold-blooded stock market. The cold judge of company performance has given Bank of Ireland the thumbs down over the last 12 months. The share price stood at 37 cents a year ago. Last Thursday it had tanked by 30pc to just 26 cents. Not to worry. Such a sluggish performance in the share price did not put a brake on the giddy mood of the directors.

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