Boucher’s retention was ‘a condition of investors’

Bank of Ireland chief executive Richie Boucher’s retention was a condition for a group of investors that bought a stake in the lender in 2011, according to Finance Minister Michael Noonan.

The Government sold a 34.9% stake in the bank to five investors — including WL Ross & Co and Fairfax Financial Holdings — in 2011, lowering the State’s stake to 15.1%.

The group of investors — also including Fidelity Investments, Kennedy Wilson and the Capital Group — invested a combined €1.12bn in Bank of Ireland.