BoI ‘knew taxpayer help was needed months before crash’
Chief executive Richie Boucher admitted the until-now private view to the banking inquiry, saying while the bank did not need a guarantee “on the night” of September 29, 2008, the support would have been required a matter of weeks later if no action was taken.
Speaking to the inquiry, Mr Boucher said Bank of Ireland had concerns it was “not sufficiently capitalised for a storm that could come” months before the crash happened. He said this was because of wider difficulties in the market, and the impact they could have on the bank.
