Labour calls for BoI board overhaul

THE Labour Party has called for a restructuring of Bank of Ireland’s board of directors in the wake of a report which found it mislead the Dáil by giving the impression it had not paid senior staff bonuses when in fact it had.

Joan Burton, Labour’s finance spokesperson, and a member of the incoming administration, said it was time to get rid of those who “not just presided over failed lending practices, but who also told lies”.

She was commenting in the wake of a report which found BoI paid almost €66.4 million in bonuses after it had implied to the Department of Finance that no performance-related bonuses were being paid to its senior staff since the bank guarantee was given in September 2008.