Boucher waives €1.5m pension top-up

EMBATTLED Bank of Ireland boss Richie Boucher has diffused the raging controversy over his controversial €1.5 million pension top-up by deciding to waive an early retirement option.

Last night, Mr Boucher said he was “sensitive to the current comment and debate” about his pension arrangements and took steps which, in effect, should cool the ire of trade union leaders and senior politicians.

After a day of intense exchanges between the Taoiseach Brian Cowen and opposition party leaders, Mr Boucher, the group chief executive, stated: “My absolute priority and that of all my colleagues in Bank of Ireland is to complete the task we have set ourselves to restore the strength of the business and support economic recovery.