Sunday 19 November 2017

Boucher is last man standing at Bank of Ireland

THE news that five Bank of Ireland directors will step down at next month's AGM means that most of the pre-2008 board members who presided over the disastrous expansion in its loan book will soon be gone from the bank.

However, that still leaves three -- including chief executive Richie Boucher. On Tuesday Bank of Ireland announced that three non-executive directors, Paul Haran, Denis Holt and Heather Ann McSharry, would not be standing for re-election at its AGM on June 15. Also stepping down from the board will be two executive directors, Des Crowley and Denis Donovan.

Following the boardroom restructuring only three of the pre-2008 crop of directors will remain on the board. These are non-executive director Rose Hynes, who has only been a director since 2007, finance director John O'Donovan and Boucher himself.

With O'Donovan set to retire next year on his 60th birthday, that will leave Boucher as the only surviving Bank of Ireland director from the go-go years.

Will he too fall victim to Finance Minister Michael Noonan's call for a clearout of the old guard from bank boards? If Bank of Ireland can raise most of the €4.2bn of fresh capital it requires from the private sector then Boucher's position is probably safe. However, if he fails and Bank of Ireland follows AIB into majority state ownership, then he's toast.

Sunday Indo Business

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