Richie Boucher: We need more pillar banks

There has to be more than two pillar banks to support the economic recovery, according to the chief executive of Bank of Ireland, Richie Boucher.

In the early part of the last decade there were too many banks in the country that led to unsustainable competition, he said.

However, evidence from other countries would suggest that there should be between three-to-four pillar banks to support the domestic economy. Mr Boucher was speaking at the Ibec CEO conference in Dublin.