Minister Noonan comments on Richie Boucher’s planned departure from Bank Of Ireland

24.03.17

Minister Noonan comments on Richie Boucher’s planned departure from Bank Of Ireland

The Minister for Finance, Michael Noonan T.D., notes todays’ announcement by Bank of Ireland regarding the intention of Mr Richie Boucher to step down as Chief Executive Officer and Director before the end of 2017.

Commenting on Mr Boucher’s decision, the Minister for Finance, Michael Noonan T.D. stated:

“Mr Boucher assumed his role as Chief Executive Officer of Bank of Ireland at a time of severe stress for the Bank of Ireland Group and indeed for the Irish banking sector in general. Under Mr Boucher’s stewardship, Bank of Ireland navigated its way successfully through these difficult times and, most notably, returned to profitability in 2014 and exited its EU mandated Restructuring Plan in December 2016.

In addition, as the financial position of Bank of Ireland improved, the State was in a position to monetise its debt investments in the bank at a price that maximised the return for the taxpayer with the State’s remaining equity stake in the bank continuing to be a valuable asset.“

“I wish to thank Mr Boucher for his commitment, professionalism and drive in the role and wish him well in all his future activities.”

ENDS

24 March, 2017