Tag Archives: Bank of Ireland

Bank of Ireland CEO Richie Boucher was paid a total of €623,000 last year. [A] spokesperson said Mr Boucher’s core salary was €500,000, which was within the Government’s salary cap.

But?

He was paid a further €123,000 as pension cash allowance for waiving his right to retire at the age of 55.

Oh.

Well, at least BoI recorded a loss of only €190 million last year.

And it’s not like Richie was around when all the problems started.

Having joined the bank in 2003.

We’ll see ourselves out.

BoI Chief Richie Boucher Paid €623,000 in 2011 (RTE)

 

Bank of Ireland Chief Executive Richie Boucher (joined bank in 2003) and CFO Andrew Keating (joined bank in 2004) this morning presenting a €190m loss-before-tax at the bank during the year ending December 31 (compared to a €950m loss last year).

Bank of Ireland Upbeat As Losses Narrow (Telegraph)

(Sam Boal/Photocall Ireland)

…the love of God.

One source told The Mail: “When a pensioner friend of mine remarked that he was playing golf at Howth Golf Club, I asked him how he could afford it in these recessionary times. He said he had his subscription paid every year for the last 15 years because he used to work at BoI.

“Other former BoI staff are members of the Royal Irish Yacht Club or are part of posh fitness centres.”

BoI, whose chief executive Richie Boucher was paid €690,000 in 2011 recorded a pre-tax loss of €950 million in the same year.

A spokesman for the bank said: “Bank of ireland supports staff and retired staff with regard to club subscriptions, the amount of which is capped at fixed amounts depending on staff grades. As with all costs within the group, they are currently under review.”


Property developers Paddy Shovlin, of the Beacon Hospital, and brothers Patrick and Anthony Fitzpatrick, of the Fitzpatrick hotel family, speculated on the 100-acre Beacon Quarter Development in Sandyford (above).

They borrowed millions from Bank of Ireland.

And then came the crash.

But, for some reason, the bank wanted less than 5 per cent back of what it was owed.

This afternoon in the Commercial Court, Justice Peter Kelly granted (in favour of NAMA) an order of €38.5m against Paddy and orders of €22m each against the brothers.

He said it seemed “rather odd” to him that in the case of a loan of €280m granted to the men, Bank of Ireland had reduced the amount of money it could reclaim to less than 5% of the total owed.

The judge said that he did not know why the bank would do such a thing, but he said “no doubt NAMA could find out what the answer was”.

While you hold your breath for that to happen just imagine you asked your bank to reduce your mortgage to less than 5 per cent of its value.

Now imagine them laughing.

Court Orders €82 million To Be Repaid To Nama (RTE.ie)

Update: In 2008, as things were slowing down, the Beacon trio gave themselves a €1 million pension boost, just as they had the year before.