Boucher to stay on at BOI

The Chief Executive of Bank of Ireland has waived his option to retire aged 55, in the face of mounting pressure following the announcement of a €1.5m pension top up.

Richie Boucher said that the bank is engaged in a comprehensive programme of work aimed at rebuilding the Group and restoring shareholder value.

He said he was "sensitive to the current comment and debate" about his pension arrangements and stated that his priority was to restore the strength of the business.

The Taoiseach said it would be 'helpful' if Mr Boucher refused the top-up, but insisted there was nothing the government could legally do.

Elsewhere ICTU President Jack O'Connor said the pension payment had angered workers - and could have a detrimental impact on the Croke Park Pay deal.