Saturday 21 January 2017

We're no longer shocked, but still a little shaken by bailout night of chaos

Published 07/05/2015 | 02:30

Bank of Ireland boss Richie Boucher
Bank of Ireland boss Richie Boucher

'Shocked and shaken' were the words used by Bank of Ireland boss Richie Boucher to describe the lack of information on Irish Nationwide's liquidity position just a few weeks before the bank guarantee was introduced on September 29, 2008.

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Giving new evidence yesterday, Mr Boucher revealed that he attended meetings at the request of the Central Bank regulator to discuss support for Nationwide when the lender needed €4bn, but Mr Boucher and other executives refused to support it.

In fact, he had met the Nationwide founder Michael Fingleton back in 2006 when he was asked to look at the building society, although he did not see it as a suitable investment then either.

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