BoI ‘knew taxpayer help was needed months before crash’

Bank of Ireland officials knew the bank might need taxpayer help as early as June 2008 to weather “a storm” descending on the financial sector.

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.