Molloy to become new BoI chairman

Seventy-one year-old Pat Molloy will take over as chairman of Bank of Ireland when Richard Burrows stands down next month.

The appointment is officially being made by the National Pension Reserve Fund, which is investing €3.5bn in Bank of Ireland at the behest of the Government.

The investment is designed to help the bank survive the crisis in the financial system.

Mr Molloy has previously been chairman of the building materials firm CRH and the Government's business promotion agency Enterprise Ireland.