Bank of Ireland’s new chief vows to rebuild credibility

THE new chief executive of Bank of Ireland Richie Boucher has vowed torebuild a strong bank to play a very significant role in the economy.

Mr Boucher’s appointment was announced yesterday after the markets closed. The bank had been looking for a replacement for former chief executive Brian Goggin who said he was retiring last month. It is not yet known how much Mr Boucher will be paid.

Mr Goggin had initially been expected to step down in the summer but Bank of Ireland said Mr Boucher will take up his appointment immediately.

Mr Boucher, 50, joined Bank of Ireland from Royal Bank of Scotland in 2003. He is currently chief executive of the bank’s retail division. The new chief said he is conscious of the “low opinion” in which the public views banks and the “very difficult economic conditions that we face”.

“I fully accept we have an uphill battle as we work towards restoring the trust and confidence of our customers, stockholders and the general public. It is my commitment that I will work relentlessly with my colleagues to win this confidence,” he said.

He also said he is “deeply conscious” and “very appreciative” of the commitment of public money to support Bank of Ireland at this time.

“This support brings additional responsibility which I recognise and accept. We are committed to supporting our customers through these difficult times. I am also confident that Bank of Ireland has an inherently good business that will help us deal with difficult and tough decisions. We can and will rebuild a strong bank to play a very significant role in the economy and to rebuild the value of the bank,” he said.

Shares in bank of Ireland finished up nearly 5% at 29.4 cent yesterday, outperforming the ISEQ which closed nearly 1% higher.